What was touted as a crackdown on big gas doesn’t add up to much when the numbers are crunched.
The Albanese government, especially Treasurer Jim Chalmers, has made much of allegedly toughening the Petroleum Resource Rent Tax (PRRT) on LNG projects since the change was revealed pre-budget last weekend.
Under the changes to the tax, the Albanese government accepted Treasury’s recommendation to limit the proportion of PRRT assessable income that can be offset by deductions to 90%.
The change starts July 1 this year and will effectively bring forward the date that liquefied natural gas projects are expected to pay PRRT. Under current rules, they are not expected to pay any significant amount until the 2030s.
Read more about the petroleum resource rent tax spin…
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