Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

The decision in Esso Australia Resources Pty Ltd v The Commissioner of Taxation [2011] specifically relates to the Petroleum Resource Rent Tax (PRRT). Since this decision was handed down the Government announced a measure as part of the 2011-12 Budget which seeks to provide greater certainty around the taxing point for PRRT. There are significant differences between the taxing point under the Minerals Resource Rent Tax (MRRT) and the PRRT. On 10 June the Government released the draft MRRT legislation for public comment. The bill provides detail on the how the taxing point is expected to operate under the MRRT.