From 1 July 2012 the PRRT reaches all Australian oil and gas projects, including the North West Shelf and onshore coal seam gas.
- Date
- 1 July 2012
- Headline figure
- All projects
As part of the deal that replaced the Resource Super Profits Tax with the Minerals Resource Rent Tax, the PRRT was extended from 1 July 2012 to all Australian oil and gas projects, offshore and onshore, including the North West Shelf and coal seam gas. Projects in the Joint Petroleum Development Area stayed out.
Projects brought in were given a starting base, a value for their past investment that they can deduct, so the extension raised little at first.
Source: Treasury, PRRT Review submission by the ATO (2017); Senate Economics Committee, PRRT bill report (2019)