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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.

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