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
March 28, 2024
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