Second Reading Speeches

Petroleum Resource Rent Tax Assessment Amendment Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

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
and
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
and
Petroleum Resource Rent Tax Assessment Act 1987
to make consequential amendments. Also repeals the
Petroleum Resource Rent Tax Act 1987
.