News in brief… 22 August 2023

Treasury consults on Petroleum Resource Rent Tax deductions cap; Taxation Ombudsman publishes report on improving the operation of the Small Business Litigation Funding Program; PBO releases home battery tax relief policy costing; Government to upgrade and broaden scope of ASEAN-Australia-New Zealand Free Trade Area

Treasury consults on Petroleum Resource Rent Tax deductions cap Treasury has opened consultation on an exposure draft bill that seeks to introduce a cap on the use of deductions to offset assessable income for the Petroleum Resource Rent Tax (PRRT). According to Treasury, the draft bill partially implements the ‘Petroleum Resource Rent Tax - Government Response to the Review of the PRRT Gas Transfer Pricing arrangements' arrangements measure announced in the 2023-24 Budget. The draft bill ...

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Published Date: 22 August 2023