Key Documents
In the 2023-24 Budget, the government announced the measure ‘Petroleum Resource Rent Tax - Government Response to the Review of the Petroleum Resource Rent Tax (PRRT) Gas Transfer Pricing arrangements'.
Treasury is seeking views from interested parties on the draft legislative amendments and explanatory materials to implement one component of this measure.
We also seek stakeholder feedback on priority issues that would inform the ATO’s administrative approach and public advice and guidance on this measure. This also includes feedback on the form of any public advice and guidance necessary to support understanding of the measure.
The Draft Bill amends several sections of the Petroleum Resource Rent Tax Assessment Act 1987 to introduce a cap on the use of deductions to offset assessable income. The deductions cap brings forward PRRT receipts from LNG projects which are yet to pay PRRT and ensures a minimum return to taxpayers from the offshore LNG industry.