Senate
Petroleum Resource Rent Tax Assessment Bill 1987
Petroleum Resource Rent Tax Bill 1987
Petroleum Resource Rent Tax (Miscellaneous Provisions) Bill 1986
Petroleum Resource Rent Tax (Miscellaneous Provisions) Act 1987
Petroleum Resource Rent Tax (Interest on Underpayments) Bill 1987
Explanatory Memorandum
(Circulated by authority of the Minister representing the Treasurer, Senator the Hon. Peter Walsh.)This memorandum takes account of amendments made by the House of Representatives to the Bills as introduced.
FINANCIAL IMPACT
On the basis of current world oil prices, it is unlikely that any petroleum resource rent tax revenue will be received before the 1989-90 financial year. The amount of revenue in any year is inestimable due to the continuing fluctuations in world oil prices and the uncertainty inherent in offshore petroleum exploration.