Australia

Details

  • Service: Tax, Corporate Tax, Global Transfer Pricing Services, Topics, Tax Reform, Resource Taxation
  • Industry: Energy & Natural Resources, Mining, Oil & Gas, Power & Utilities
  • Type: Regulatory update
  • Date: 6/10/2011

Tax in Focus: Petroleum Resource Rent Tax extension 

KPMG has prepared a Tax in Focus Brief considering the Exposure Draft (ED) and Explanatory Memorandum (EM) released for consultation on the Government's proposed extension of the Petroleum Resource Rent Tax (PRRT).
Tax in Focus: Petroleum Resource Rent Tax extension
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The proposed extension will result in onshore and North West Shelf (NWS) oil and gas projects being subject to the PRRT regime from 1 July 2012.

 

Our brief which considers the ED and EM highlights key issues for transitioning projects and the potential flow-on implications for the holders of interests in existing PRRT project.

How we can help

For organisations impacted by the proposed reforms, it should be a strategic priority to prepare a PRRT response plan outlining the key steps between now and the 1 July 2012 commencement date, and beyond, to ensure the organisation is fully prepared for the transition and likely impacts.

 

Drawing on the strength of our knowledge and experience from working with the existing PRRT and state royalty regimes, KPMG can bring you a team of people to help your organisation as it responds to the complexities and challenges of these tax reforms.

 

For further information please speak with your KPMG adviser or one of the contacts listed in our brief.
 

 

Resource Taxation

Resource Taxation
We look at the resource tax landscape which is experiencing significant change with the repeal of the MRRT and amendments to the PRRT.

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