Skip to content The first two LNG trains at the North West Shelf venture have operated since 1989, making it Australia’s first LNG export project. The project was licensed before the PRRT, so it paid royalties and excise instead until it was brought into the PRRT on 1 July... Because projects deduct all their costs first, a resource rent tax pays out only once projects are profitable. The PRRT first collected revenue in 1989–90.Source: Treasury, PRRT Review submission by the ATO... The PRRT was amended to apply to Bass Strait from 1 July 1990. The Petroleum Resource Rent Tax Legislation Amendment Act 1991 also brought Bass Strait gas production into the tax.Source: Treasury, PRRT Review submission by the ATO (2017) In its early years the PRRT took a large share: PRRT paid equalled about 34% of the assessable receipts of PRRT projects in 1990–91. In recent years it has been about 4%.Source: ATO, PRRT statistics (Gas Tax Story data... In 1984 the Hawke government began consulting on a resource rent tax for new offshore petroleum projects, driven by Resources and Energy Minister Peter Walsh with Treasurer Paul Keating. The Petroleum Resource Rent Tax laws passed in December 1987.The deal: companies... 