Original article by Ben Butler
The Australian – Page: 22 : 14-Dec-18
The federal government gained $946m in revenue from the petroleum resource rent tax in 2017, according to data from the Australian Taxation Office. However, the McKell Institute estimates that revenue from the PRRT could increase by $2.8bn a year if a 10 per cent royalty were to be imposed on offshore gas projects. The left-wing think tank argues that the PRRT was designed primarily to encourage the development of marginal oil projects and has little relevance to Australia’s booming gas industry.
AUSTRALIAN TAXATION OFFICE, McKELL INSTITUTE, CHEVRON CORPORATION, EXXONMOBIL CORPORATION, BHP GROUP LIMITED – ASX BHP, ESSO AUSTRALIA PTY LTD, THE TAX INSTITUTE