29 Aug 11 Exposure Draft released - Petroleum Resource Rent Tax Bill 2011
On 2 July 2010, the Government announced new taxation arrangements for the resources sector. As part of these arrangements, the Petroleum Resource Rent Tax (PRRT), which currently applies to most offshore petroleum production, will be amended to apply to the North West Shelf project and onshore oil and gas production, including coal seam methane and oil shale from 1 July 2012.
In joint media release No 2011/101, issued 26 August 2011, the Treasurer, Wayne Swan, and the Minister for Resources and Energy, Martin Ferguson, announced the release of an exposure draft of the proposed legislation.
The closing date for submissions is Thursday, 29 September 2011.