Petroleum Resource Rent Tax
The Government is committed to ensuring that Australia’s taxes are working as intended and companies pay their fair share of tax.
On 28 April 2017 the Government released the report of an independent review into the operation of the Petroleum Resource Rent Tax (PRRT) which highlights improvements that can be made over the longer term.
The report emphasises that care must be taken in making any changes to the PRRT framework and accordingly the Government will carefully examine the findings and recommendations of the report and provide a considered response in the next few months.
As part of this consideration the Government will take into account the need to ensure the PRRT provides an equitable return to the Australian community, without discouraging investment in exploration and development.
Further information, including a copy of the report is available on the Treasury website at: http://www.treasury.gov.au/ConsultationsandReviews/Reviews/2016/Review-of-the-Petroleum-Resource-Rent-Tax