Petroleum Rent Resources Tax (PRRT) – Government’s response released – 10 percentage point reduction in ‘exploration’ expenditure uplift & on-shore projects removed from PRRT

Tax Month - November 2018

On Friday 2 November 2018, the Treasurer released there Government’s final response to the review of the Petroleum Rent Resource Tax (PRRT), commenced in 2016 and conducted by economist: Mike Callaghan. He also issued a Media Release, summarising the result. The PRRT was introduced in 1988 by the Hawke-Keating Labor Government and represented a Federal version…

LCR 2018/8 – Cleaning and courier industries’ new annual contractor reporting obligations – payments from 1 July 2108, first report due 31 July 2019

Tax Month - November 2018

On Wed 31.10.2018, the ATO released Law Companion Ruling LCR 2018/8 on the recently enacted measure to extend the third party reporting regime to entities in the cleaning and courier industries. The law was amended under the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018, which became law on 3 October 2018. ABN…