Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. Josh Frydenberg MP)General outline and financial impact
Laminaria Corallina cost recovery levy
The Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021 and the Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021 introduce a temporary levy on offshore petroleum production to recover the Commonwealth's costs of decommissioning the Laminaria and Corallina oil fields and associated infrastructure.
Date of effect: The levy applies to petroleum produced on or after 1 July 2021.
Proposal announced: These Bills fully implement the measure, Decommissioning Costs - Laminaria-Corallina oil fields and associated infrastructure, from the 2021-22 Budget.
Financial impact: The impact on receipts of this measure is not for publication reflecting commercial sensitivities.
Human rights implications: These Bills do not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2, paragraphs 2.1 to 2.5.
Compliance cost impact: Minimal.