16 May 2019 Parliament passes first tranche of PRRT amendments
On 5 April 2019, the Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019 received Royal Assent.
From 1 July 2019:
- the uplift rates that apply to certain categories of carried-forward expenditure will be reduced
- onshore projects will be removed from the scope of the petroleum resource rent tax (PRRT).
A full summary of review activities and developments relating to the PRRT can be found here.