Australia exports 80% of our gas- yet we face a shortfall in the domestic market.
Japan is our major gas trading partner & gets 43% of its gas from Australia.
It then on sells a similar amount to other countries.
Yet we are in a crazy situation we might have to start importing gas!
Petroleum Resource Rent Tax or PRRT is levied at the rate of 40% on the taxable profits derived from the petroleum project in a year of tax. A year of tax is the first financial year in which an entity derives assessable petroleum receipts in relation to the project and any subsequent financial year.
The problem is of the top 30 petroleum organisations in Australia almost tax was paid to the Australian Government despite 10’s of $billions in revenue being earned.
Ask yourself this, why isn’t the government actually fixing this problem?
Why are the government going after mum and dad for tax payments when big business is left alone?
