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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Petroleum Resource Rent Tax Assessment Amendment Bill 2011


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of 11 bills, the bill amends the: Petroleum Resource Rent Tax Assessment Act 1987 to: extend the petroleum resource rent tax (PRRT) to apply to all onshore oil and gas projects, as well as the North West Shelf project; apply the PRRT to shale oil and coal seam gas not subject to the minerals resource rent tax; establish the timing for deriving assessable receipts for petroleum projects; provide that certain receipts or service provision are assessable receipts; provide that expenditure in relation to environmental expenditure, resource rent tax expenditure and native title payments are deductible; enable certain interest holders to choose and apply a starting base valuation in relation to their interest; and reflect the Clean Energy Future package; Petroleum Resource Rent Tax Assessment Act 1987 and Income Tax Assessment Act 1997 to provide that certain groups of entities may form consolidated groups for PRRT purposes; and Crimes (Taxation Offences) Act 1980, Excise Tariff Act 1921, Income Tax Assessment Act 1987 and Petroleum Resource Rent Tax Assessment Act 1987 to make consequential amendments. Also repeals the Petroleum Resource Rent Tax Act 1987.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 02/11/11  
Second reading moved 02/11/11  
Second reading debate 03/11/11  
Second reading debate 21/11/11  
Second reading debate 22/11/11  
Second reading agreed to 22/11/11
(after midnight)
 
Third reading agreed to 22/11/11
(after midnight)
 
     
Senate
Introduced and read a first time 07/02/12  
Second reading moved 07/02/12  
Second reading debate 15/03/12  
Second reading debate 16/03/12  
Second reading debate 19/03/12  
Second reading agreed to 19/03/12  
Third reading agreed to 19/03/12  
     
Text of bill as passed both Houses 19/03/12  
Assent 29/03/12 Act no.: 18 - Year: 2012
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (02/11/2011): House Standing Committee on Economics; Committee report (21/11/2011)
  • Referred to Committee (10/11/2011): Senate Economics Legislation Committee; Committee report (14/03/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )