PRRT

The Australian government said projects within the scope of the PRRT can elect to transfer into the RSPT and that it anticipates that many projects will make the transition over time.

Australian Miners Slide on Tax Proposal 2010

We went to the last election with a very formal agreement in essence not only with the mining industry but a very formal statement to the Australian people with what we would do with MRRT and PRRT Petroleum Resource Rent Tax if we were elected.

The Australian | News | 2011

The improved resource tax reforms involve:. a new Minerals Resource Rent Tax (MRRT) regime applying to iron ore and coal in Australia; and. extending the current Petroleum Resource Rent Tax (PRRT) regime to all Australian onshore and offshore oil and gas projects, including the North West Shelf.

Peter Martin 2010

Non-deductible expenditure will be broadly consistent with PRRT.

Peter Martin 2010

PRRT - A national taxation system for all oil and gas, onshore and offshore

Peter Martin 2010

- All state and federal resource taxes will be creditable against current and future PRRT liabilities from a project.

Peter Martin 2010

The Petroleum Resource Rent Tax (PRRT) regime, which currently only applies to offshore petroleum projects will be extended to cover all oil, gas and coal seam methane projects, onshore and offshore Australia.

Peter Martin 2010

- The deductibility of expenditure under MRRT will be broadly based on the categories used in the PRRT regime.

Peter Martin 2010

- The standard features of the current PRRT will otherwise apply, including the range of uplift allowances for unutilised losses and capital write-offs; immediate expensing for expenditure and limited transfer of the tax value of losses.

Peter Martin 2010

The agreement also provides certainty for projects in the emerging industry of converting coal seam gas to LNG, by including all Australian onshore and offshore oil and gas projects, including the North West Shelf, in the PRRT.

Peter Martin 2010