The Albanese government, especially Treasurer Jim Chalmers, has made much of allegedly toughening the Petroleum Resource Rent Tax (PRRT) on LNG projects since the change was revealed pre-budget last weekend.
Under the changes to the tax, the Albanese government accepted Treasury’s recommendation to limit the proportion of PRRT assessable income that can be offset by deductions to 90%.
The change starts July 1 this year and will effectively bring forward the date that liquefied natural gas projects are expected to pay PRRT. Under current rules, they are not expected to pay any significant amount until the 2030s.
Now the government gets money earlier than had been expected — which is being touted as a toughening and a crackdown on big gas.
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