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.

Progress

House of Representatives
Introduced and read a first time 13 Feb 2019
Second reading moved 13 Feb 2019
Second reading debate 02 Apr 2019
Second reading agreed to 02 Apr 2019
Third reading agreed to 02 Apr 2019
Senate
Introduced and read a first time 03 Apr 2019
Second reading agreed to 03 Apr 2019
Third reading agreed to 03 Apr 2019
Finally passed both Houses 03 Apr 2019
Assent
  • Act no: 43
  • Year: 2019
05 Apr 2019

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.