Greens accuse Labor of ‘sweetheart deal for Woodside’ in petroleum resource rent tax changes

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Greens accuse Labor of ‘sweetheart deal for Woodside’ in petroleum resource rent tax changes
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Gas company has argued “we pay our way”, noting that it contributes billions in tax and royalties

The treasury department’s review of the PRRT, presented to the treasurer, Jim Chalmers, this month, recommends the government limit deductible expenditure to 90% of PRRT assessable receipts for each project in each year, with unused deductions to be carried forward and uplifted at the government long-term bond rate.

“In recognition of these factors the deductions cap should not apply to either starting base expenditure or resource tax expenditure to ensure it does not apply to the NWS project in practice.”

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