The Treasury has today released for public comment exposure draft legislation for the extension of the Petroleum Resource Rent Tax (PRRT).
The Government's resource taxation reforms ensure Australians receive a fairer return from the development of their non-renewable resources and will help strengthen our economy through increased superannuation, new and better infrastructure, and tax cuts for businesses that are not in the resource boom fast lane.
The Government announced last year the extension of the PRRT to all Australian onshore and offshore oil and gas projects, including the North West Shelf, as part of our plans to spread the opportunities and benefits of the boom to more Australians.
We thank the petroleum industry, tax professionals and other stakeholders who have engaged in consultations for their constructive contributions. We encourage all stakeholders, including coal seam gas producers, to make submissions to inform the final design of the legislation.
We also thank the Resource Tax Implementation Group, which comprises representatives of industry, the tax profession and government officials, for their assistance to date on the legislation.
The Government is continuing to work with industry and tax professionals to ensure that the PRRT and the Minerals Resource Rent Tax are administered in an efficient and transparent manner, with a particular focus on issues confronting small companies.
The Treasury will release the second exposure draft legislation on the MRRT in the near future.
The PRRT draft legislation and explanatory material are available on the Treasury website http://www.treasury.gov.au. Consultation closes on 29 September 2011.
26 August 2011