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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.