Extension to the petroleum resource rent tax

The legislation was developed following consultation with the resource sector. The government-appointed Policy Transition Group, co-chaired by the Minister for Resources, the Hon. Martin Ferguson, and Mr Don Argus AC, consulted with industry and made recommendations to the government in December 2010 about the development of the technical design of the new minerals resource rent tax and the transition of existing petroleum projects to the PRRT regime.

As part of community consultation, the government released an exposure draft and draft explanatory material for the proposed extension to the PRRT on 26 August 2011. The legislative package was introduced into parliament on 2 November 2012.

Media release

For more information refer to:

• joint media release 054 Resource tax reforms start spreading benefits of the boom from tomorrow issued on 30 June 2012 by the Prime Minister and Treasurer
• joint media release 038 Spreading the benefits of the boom issued on 8 May 2012 by the Prime Minister and Treasurer
• joint media release 016 Spreading the benefits of the mining boom issued on 20 March 2012 by the Prime Minister, Treasurer and Minister for Resources
• joint media release 134 Locking in the benefits of the mining boom issued on 2 November 2011 by the Acting Prime Minister and Treasurer, with the Minister for Resources and Energy and the Assistant Treasurer
• joint media release 101 Exposure Draft - Petroleum Resource Rent Tax Bill issued on 26 August 2011 by the Deputy Prime Minister and Treasurer with the Minister for Resources and Energy
• joint media release 024 Government accepts resource tax recommendations issued on 24 March 2011 by the Deputy Prime Minister and Treasurer with the Minister for Resources and Energy
• media release 096 Government welcomes Policy Transition Group reports issued on 21 December 2010 by the Deputy Prime Minister and Treasurer
• joint media release 055 Breakthrough agreement with industry on improvements to resources taxation issued on 02 July 2010 by the Prime Minister, Deputy Prime Minister and Treasurer and the Minister for Resources and Energy.

Legislation and supporting material

The following legislation received royal assent on 29 March 2012:

• Petroleum Resource Rent Tax Assessment Amendment Act 2012
• Explanatory Memorandum.

Other relevant petroleum resource rent tax Bills include:

• Petroleum Resource Rent Tax (Imposition-Customs) Act 2012
• Petroleum Resource Rent Tax (Imposition-Excise) Act 2012
• Petroleum Resource Rent Tax (Imposition-General) Act 2012

More information For more information on PRRT refer to; Petroleum resource rent tax Exposure Draft and explanatory materials issued on 26 August 2011 Consultation on proposed extension of petroleum resource rent tax Proposed extension of petroleum resource rent tax.