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.