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Policy & Regulation

Australia’s resource tax regime – too little, too late?

Australia is exporting more LNG than ever before, but tax issues may mean it is missing out on the economic gains of the boom Australia is exporting more LNG than ever before, but tax issues may mean it is missing out on the economic gains of the boom.
By Sally Bogle 2 December 2016 Asia Pacific / Policy & Regulation 0 23046
The North Rankin platform, part of the North West Shelf project. (Woodside)

The tax breaks claimed by Australian LNG exporters were put under the spotlight on Monday following an Australian National Audit Office (ANAO) report claiming the North West Shelf (NWS) project has underpaid royalties by claiming ineligible tax deductions.

The findings prompted the federal government to probe deduction calculations as part of a wider review into the Petroleum Resource Rent Tax (PRRT) announced on Wednesday. But analysts have dismissed the move, saying it will do little to affect multinationals such as NWS operators BP, Chevron and Shell.

"The...