Petroleum resource rent tax - clarifying the taxing point

This measure amends the Petroleum Resource Rent Tax Assessment Act 1987 to confirm the current application of the petroleum resource rent tax (PRRT) in relation to the taxing point.

The amendment will provide greater certainty for PRRT taxpayers, with effect from 1 July 1990.

This measure received royal assent on 29 November 2011.

Media release

This measure was announced by the government on 10 May 2011 as part of the Budget 2011-12.

Legislation and supporting material

For more information see:

• Tax Laws Amendment (2011 Measures No.8) Act 2011 (136 of 2011) which received royal assent on 29 November 2011
• Explanatory Memorandum of the Tax Laws Amendment (2011 Measures No.8) Bill 2011.