Australian Petroleum Resource Rent Tax - overview
Article from: OGEL 3 (2004), in Taxation
Introduction
The Petroleum Resource Rent Tax (PRRT) applies to all petroleum projects in offshore areas (or Commonwealth Adjacent Areas) under the Petroleum (Submerged Lands) Act 1967, other than production licences derived from the North West Shelf exploration permits WA-P-1 and WA-P-28. These are subject to the excise and royalty regime. This legislation applies from 1 July 1987. The adjacent areas extend three nautical miles from the territorial sea baselines to the outer limits of the continental shelf, other than areas covered by production licences granted on or before 1 July 1984 ...