The proposal has two components that would have effect from 1 July 2025.

Component 1

Replace the existing petroleum resource rent tax (PRRT) method of uplifting excess expenditure to future years that relates to PRRT projects with the following method.

The proposal has two components that would have effect from 1 July 2025.

Component 1

Replace the existing petroleum resource rent tax (PRRT) method of uplifting excess expenditure to future years that relates to PRRT projects with the following method.

The proposal has two components that would have effect from 1 July 2025.

Component 1

Replace the existing petroleum resource rent tax (PRRT) method of uplifting excess expenditure to future years that relates to PRRT projects with the following method.

The proposal has two components that would have effect from 1 July 2025.

Component 1

Replace the existing petroleum resource rent tax (PRRT) method of uplifting excess expenditure to future years that relates to PRRT projects with the following method.

The proposal has two components that would have effect from 1 July 2025.

Component 1

Replace the existing petroleum resource rent tax (PRRT) method of uplifting excess expenditure to future years that relates to PRRT projects with the following method.

This proposal would change the deductions cap introduced in the Petroleum Resource Rent Tax (PRRT) measure in the 2023-24 Budget, Petroleum Resource Rent Tax – Government Response to the Review of the PRRT Gas Transfer Pricing arrangements (the 2023-24 measure). This measure affects 5 major offshore liquefied natural gas (LNG) projects:

• Gorgon
• Ichthys
• Wheatstone
• Pluto
• Prelude.

Under the proposal, the cap would limit deductible expenditure to the value of 80% of each taxpayer’s PRRT assessable receipts.

This proposal would change the deductions cap introduced in the Petroleum Resource Rent Tax (PRRT) measure in the 2023-24 Budget, Petroleum Resource Rent Tax – Government Response to the Review of the PRRT Gas Transfer Pricing arrangements (the 2023-24 measure). This measure affects 5 major offshore liquefied natural gas (LNG) projects:

• Gorgon
• Ichthys
• Wheatstone
• Pluto
• Prelude.

Under the proposal, the cap would limit deductible expenditure to the value of 80% of each taxpayer’s PRRT assessable receipts.

This proposal would change the deductions cap introduced in the Petroleum Resource Rent Tax (PRRT) measure in the 2023-24 Budget, Petroleum Resource Rent Tax – Government Response to the Review of the PRRT Gas Transfer Pricing arrangements (the 2023-24 measure). This measure affects 5 major offshore liquefied natural gas (LNG) projects:

• Gorgon
• Ichthys
• Wheatstone
• Pluto
• Prelude.

Under the proposal, the cap would limit deductible expenditure to the value of 80% of each taxpayer’s PRRT assessable receipts.