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Wednesday, 2 November 2011
Page: 12427


Mr SHORTEN (MaribyrnongAssistant Treasurer and Minister for Financial Services and Superannuation) (09:57): I move:

That this bill be now read a second time.

The bill imposes a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of customs and sets that rate at 40 per cent from 1 July 1986.

The petroleum resource rent tax is administered under the Petroleum Resource Rent Tax Assessment Act 1987.

The bill does not seek to impose tax on property of any kind belonging to a state.

I commend the bill to the House.

Debate adjourned.