On Wednesday 3 December 2014, Len Hertzman CTA (Ashurst) attended a meeting of the Energy & Resources Working Group. At the meeting, various issues were discussed, including:
- An update was given in relation to the rewrite of TR 98/23 involving mining exploration and prospecting expenditure;
- Interpretive issues concerning section 40-80;
- TD 2014/10w – the functional currency election draft ruling;
- ATO administration of TOFA;
- The repeal of the MRRT and timing of possible compliance action;
- Timing of release for further PRRT rulings and guidance;
- Review of the PRRT regulations; and
- An update was given in relation to the exploration development incentive.
Members who seek further information in relation to the above should contact us at Tax Policy.