Australia: Bill introduced to clarify “exploration for petroleum” meaning
Legislation proposing amendments to the general anti-avoidance provisions in the Petroleum Resource Rent Tax Assessment Act
Legislation proposing amendments to the general anti-avoidance provisions
Legislation proposing amendments to the general anti-avoidance provisions in the Petroleum Resource Rent Tax Assessment Act has been introduced in the House of Representatives.
The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 proposes to:
- Provide legal certainty for the payment of financial adviser fees from a member’s superannuation fund account and remove red tape that currently adds to the cost of financial advice with no benefit to consumers
- Amend the general anti-avoidance provisions in the Petroleum Resource Rent Tax Assessment Act 1987 so that they align with the more robust drafting approach of the general anti-avoidance provisions in Part IVA of the ITAA 1936
- Clarify the meaning of the phrase “exploration for petroleum”
- Mining, quarrying or prospecting rights cannot be depreciated for income tax purposes until they are used, not merely held.
- The circumstances in which the issue of new rights over areas covered by existing rights lead to income tax adjustments.
- Make changes to the location tax offset and producer tax offset for films
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. 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. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.