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Friday, 28 November 1986
Page: 3944


Mr HURFORD (Minister for Immigration and Ethnic Affairs and Minister Assisting the Treasurer)(10.17) —I move:

That the Bill be now read a second time.

The Assessment Bill I have just introduced provides the legislative framework for determining the offshore petroleum projects to be subject to petroleum resource rent tax, and the taxable profit of a participant in such a project. This Bill now before the House will formally impose and declare the rate of that tax as 40 per cent. The explanatory memorandum circulated to honourable members with the previous Bill also explains the provisions of this Bill. I commend the Bill to the House.

Debate (on motion by Mr Beale) adjourned.