The gas industry is being hit with jacked-up taxes. What's changing?
ABCIt has been a good couple of years for Australia's gas exporters. Tuesday's federal budget will include changes to a key tax levied on gas exporters, aimed at bringing billions in additional revenue to the budget over the next few years. Instead, the federal government established the PRRT in 1988 to try and both encourage companies to explore offshore oil and gas projects, and tax the profits they made from doing so. A tax tweak The government's change aims to ensure projects cannot avoid paying PRRT entirely, and make companies pay the tax sooner than they might have otherwise. Australia's largest current and future gas projects are in Western Australia, and the West Australian newspaper headlined Monday's paper with 'IT'S A TAX ON WEST AUSSIES'.
History of this topic
Tax from gas industry forecast to double as industry pushes back on calls for tax changes
ABC
Third of windfall tax cash raised ‘could be handed back to oil firms’
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