18th Mar 2024, 1:57 PM – Representatives Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 - Consideration in Detail - Statutory review

The majority voted against an amendment introduced by Wentworth MP Allegra Spender (Independent), which means it failed.

What is the purpose of this amendment?

Ms Spender explained that:

My amendment would insert a statutory review of the changes to the PRRT, to be commenced no later than 1 July 2026. This would allow two full financial years for the government changes to take effect and for it to become clear whether these reforms are delivering an equitable return to the taxpayer.

Amendment text

(1) Clause 2, page 2 (table item 1), omit "to 3", substitute "to 4".

(2) Page 2 (after line 11), after clause 3, insert:

4 Review of operation of amendments made by Schedule 5

(1) The Minister must cause a review to be conducted of the operation of the amendments made by Schedule 5 to this Act.

(2) Without limiting the matters that may be considered when conducting the review, the review must have regard to:

(a) the appropriate distribution of petroleum resource rents and the need to provide a fair return to the Australian community; and

(b) the appropriateness of the Petroleum Resource Rent Tax Assessment Act 1987 (as amended by Schedule 5 to this Act) and associated regulations in light of recent, and potential future, developments in industries subject to that Act; and

(c) the applicability of the review's findings to resource export industries not subject to that Act.

(3) The review must start no later than 1 July 2026.

(4) The persons who conduct the review must give the Minister a written report of the review no later than 1 January 2027.

(5) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 3 months after the day the Minister receives the report.