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Second Reading Speeches

Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the:

Offshore Petroleum and Greenhouse Gas Storage Act 2006
and
Petroleum Resource Rent Tax Assessment Act 1987
to reduce the uplift rates that apply to certain categories of carried-forward expenditure;
Petroleum Resource Rent Tax Assessment Act 1987
to remove onshore projects from the scope of the petroleum resource rent tax (PRRT); and
Excise Tariff Act 1921
and
Income Tax Assessment Act 1997
to remove certain exclusions from the PRRT that are no longer necessary following the exclusion of onshore petroleum projects.