From 1 July 2012, companies operating in the resources sector will need to implement and adhere to the changes associated with the proposed regime.
This publication assists companies in the resources sector by providing an overview of the proposed regimes and a summary of the issues to be considered over the coming year.
- Project definition will be necessary, some businesses will need to consider the incidental production from other mining activities.
- The resource will need to be valued at the taxing point to calculate assessable revenue for MRRT purposes.
- PRRT will be expanded to include all petroleum projects other than those in the Timor Sea Joint Petroleum Development Area, incidental production of oil and gas or extraction of coal mine methane.
- Creating a MRRT/PRRT response plan should be a strategic priority.