Australia

Details

  • Service: Tax, Corporate Tax, Global Transfer Pricing Services, Topics, Tax Reform, Resource Taxation
  • Industry: Energy & Natural Resources, Mining, Oil & Gas
  • Type: Regulatory update
  • Date: 22/12/2011

Tax in Focus: PRRT introduced into Parliament 

KPMG has prepared an analysis of the key differences between the Bills for the government's proposed extension of the Petroleum Resource Rent Tax (PRRT), introduced into Parliament on 2 November 2011, and the related Exposure Draft (ED) legislation released on 26 August 2011.
Tax in Focus: PRRT introduced into Parliament cover
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A number of key changes are discussed, including:

  • the introduction of ability to form tax consolidated groups, allowing the aggregation of onshore projects for PRRT purposes
  • amendments regarding the recognition of assessable receipts and deductions in respect of carbon units following the introduction of the Clean Energy Act 2011
  • expansion of the definition of ‘assessable petroleum receipts’ to ensure taxpayers with interests in Australian liquefied natural gas (LNG) projects are able to utilise the various taxing point valuation methodology options set out in the Regulations
  • concessions for the collection by instalment for onshore petroleum projects and the North West Shelf project by not requiring the remission of instalments in the first year of the legislation
  • amendments to the starting base concept.

 

For further information please speak with your KPMG adviser or one of the KPMG professionals listed on our Brief.

 

Resource Taxation

Resource Taxation
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