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Second Reading Speeches

Petroleum Resource Rent Tax Assessment Amendment Bill 2011

Originating house
House of Representatives
Parliament no

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Part of a package of 11 bills, the bill amends the:

Petroleum Resource Rent Tax Assessment Act 1987
to: extend the petroleum resource rent tax (PRRT) to apply to all onshore oil and gas projects, as well as the North West Shelf project; apply the PRRT to shale oil and coal seam gas not subject to the minerals resource rent tax; establish the timing for deriving assessable receipts for petroleum projects; provide that certain receipts or service provision are assessable receipts; provide that expenditure in relation to environmental expenditure, resource rent tax expenditure and native title payments are deductible; enable certain interest holders to choose and apply a starting base valuation in relation to their interest; and reflect the Clean Energy Future package;
Petroleum Resource Rent Tax Assessment Act 1987
Income Tax Assessment Act 1997
to provide that certain groups of entities may form consolidated groups for PRRT purposes; and
Crimes (Taxation Offences) Act 1980
Excise Tariff Act 1921
Income Tax Assessment Act 1987
Petroleum Resource Rent Tax Assessment Act 1987
to make consequential amendments. Also repeals the
Petroleum Resource Rent Tax Act 1987