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.
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.