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PRRT reforms will impact oil and gas industry

PRRT reforms will impact oil and gas industry

KPMG’s Ben Opie discusses the Federal Government’s proposed reforms to the Petroleum Resources Rent Tax (PRRT) regime and what it may mean for those companies operating in the oil and gas business.

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Ben Opie

Partner, Corporate Tax

KPMG Australia

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Significant reforms proposed to the Petroleum Resources Rent Tax (PRRT) regime will require oil and gas companies to closely scrutinise impacts on current and future project expenditure.

Details of the Federal Government’s plans were included as part of its response to the review of the PRRT by Mike Callaghan, which was released in April 2017.

Although supportive of the PRRT, the review made 12 recommendations which it said would balance revenue and investment concerns.

The proposed changes, announced by Treasurer Josh Frydenberg on 2 November, are forecast to generate an additional $6 billion in revenue over the next ten years.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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