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don't they already have royalties?They should have taxed coal and gas exports to pay for subsidies.
The PRRT has existed since 1980's (see ATO
State governments (WA, Queensland Victoria and NSW ) apply coal royalties as well.PRRT has applied to offshore petroleum projects (except for the North West Shelf project and the Joint Petroleum Development Area) since 1987. The Bass Strait project has been subject to PRRT since 1990.
In 2012, the PRRT regime was applied to onshore petroleum projects and the North West Shelf project but not to the Joint Petroleum Development Area.
From 1 July 2019, onshore petroleum projects were removed from the scope of the PRRT. As a result, provisions that relate to initial amounts of starting base expenditure and the consolidation single entity rule were repealed.
In addition, from 1 July 2019, new uplift rates apply to certain categories of carried-forward expenditure.
So that part is already under way.
Queensland alone is expected to get nearly 6 billion of petroleum royalties over the next 5 years ( see APPEA ).
And that does not include any Company taxes paid when these entities make profits even after the royalties.
The question is, what are the various levels of government doing with that money??
Mick