27th Mar 2024, 4:52 PM – Senate Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023 - Committee of the Whole - Petroleum resource rent tax transparency

The majority voted against an amendment introduced by the Australian Greens, which means it failed and will not be included in the bill.

Amendment text

(1) Clause 2, page 2 (at the end of the table), add:

4. Schedule 3

The day after this Act receives the Royal Assent.

(2) Page 63 (after line 17), at the end of the Bill, add:

Schedule 3 — Petroleum resource rent tax transparency

Taxation Administration Act 1953

1 Subsection 3E(1)

After "a year of tax", insert "in relation to a petroleum project".

2 Subsection 3E(1)

After "the year of tax", insert "and the petroleum project".

3 Paragraph 3E(3)(b)

After "the year of tax" (wherever occurring), insert "and the petroleum project".

4 At the end of subsection 3E(3)

Add:

; (c) the following information, according to information reported to the Commissioner sin the entity's PRRT return for the year of tax and the petroleum project:

(i) the total assessable receipts derived by the entity for the year of tax and the project;

(ii) the total deductible expenditure incurred by the entity for the year of tax and the project;

(iii) if the total deductible expenditure mentioned in subparagraph (ii) exceeds the total assessable receipts mentioned in subparagraph (i)—the amount of the excess;

(iv) the total of the amounts (if any) transferred by the entity to the project in relation to the year of tax under section 45A of the Petroleum Resource Rent Tax Assessment Act 1987;

(v) the total of the amounts (if any) transferred by another entity to the project in relation to the project and the year of tax under section 45B of the Petroleum Resource Rent Tax Assessment Act 1987;

(vi) the taxable profit of the entity for the year of tax and the project.

Note: The amount of the excess mentioned in subparagraph (c)(iii) is known as the undeducted expenditure.

5 Paragraph 3E(4)(a)

After "paragraph (3)(b)", insert "or (c)".

6 Subsection 3E(7)

Insert:

petroleum project has the meaning given by the Petroleum Resource Rent Tax Assessment Act 1987.

7 Application of amendments

The amendments of section 3E of the Taxation Administration Act 1953 made by this Schedule apply in relation to a year of tax ending on or after the commencement of this item.