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.