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Exposure Draft - Petroleum Resource Rent Tax Bill 2011


Friday, 26 August 2011

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On 2 July 2010, the Government announced new taxation arrangements for the resources sector. As part of these arrangements, the Petroleum Resource Rent Tax (PRRT), which currently applies to most offshore petroleum production, will be amended to apply to the North West Shelf project and onshore oil and gas production, including coal seam methane and oil shale from 1 July 2012.

The exposure draft provides the legislative framework for the extension of the PRRT to the North West Shelf project and onshore oil and gas projects. The Explanatory Material (EM) explains, in broad terms, how the extension to the PRRT will be implemented.

The exposure draft and EM are being released today as part of the public consultation process to provide interested parties with an opportunity to comment.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Thursday, 29 September 2011

Address written submissions to:
The Manager
Resource Tax Unit
Business Tax Division
The Treasury
Langton Crescent

Email: resourcetax@treasury.gov.au

For enquiries, please call please call Victoria Henry on (02) 6263 2922.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  155.10kb
Explanatory Material  367.96kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  4,060.12kb
Explanatory Material  1,507.17kb

Related Items:

Submissions: Exposure Draft - Petroleum Resource Rent Tax Bill 2011 - 19/10/2011

Treasury has received 19 submissions in response to public consultation on the Petroleum Resource Rent Tax Bill 2011. There were eight public submissions and eleven confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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