THE
Australian Treasury has put in public domain a draft legislation for the
extension of the Petroleum Resource Rent Tax (PRRT).
The government had
announced last year that the extension of the PRRT to all Australian onshore and
offshore mineral oil projects would benefit more Australians.
As per the Petroleum
Resource Rent Tax Act 1987, the PRRT is a tax "levied on a person in a financial
year in relation to a petroleum project at a rate of 40% of the taxable profit.
That is the profit after all eligible expenses incurred by the person have been
deducted from the assessable receipts derived."
The government has been
working closely with the industry to ensure that the PRRT and
the Minerals Resource Rent Tax (MRRT) are administered in an efficient and
transparent manner, with a particular focus on issues confronting small
companies.
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