Division Description Changes — Bills — Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023; Second Reading — 16th May 2024

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senate vote 2024-05-16#35

Edited by mackay staff

on 2024-09-08 19:00:15

Title

  • Bills — Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023; Second Reading
  • Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 - Second Reading - Petroleum resource rent tax deductions cap

Description

  • <p class="speaker">Sue Lines</p>
  • <p>I will now deal with the Committee of the Whole amendments circulated by the opposition. The question now is that schedule 5 stand as printed.</p>
  • The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2024-05-16.230.1) "*that schedule 5 stand as printed.*" In other words, they voted to keep the schedule as it is.
  • ### What is schedule 5?
  • According to the [bill digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2324a/24bd31):
  • > *The provisions in Schedule 5 to the Bill amend the Petroleum Resource Rent Tax Assessment Act 1987 (PRRT Act) to place a cap of 90 per cent on the availability of deductible expenditure incurred in relation to a petroleum project for a year of tax, and consequently brings forward tax payable. The amendments are intended to ensure that the offshore LNG industry pays more tax sooner.*
  • ### Amendment text
  • > *(2) Schedule 5, page 32 (line 1) to page 38 (line 23), Schedule 5 to be opposed.*
  • <p class="italic"> <i>The opposition opposed schedule 5 in the following terms&#8212;</i></p>
  • <p class="italic">(2) Schedule 5, page 32 (line 1) to page 38 (line 23), Schedule 5 to be opposed.</p>
  • <p></p>
  • <p></p>