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The proposed extension of the Petroleum Resource Rent Tax (PRRT) to on shore petroleum production, raises a number of concerns.
The tax deal will bring the project, which is producing about 16 million tonnes of LNG per year, under the petroleum resource rent tax but Woodside said the change will have no major impact as it is already heavily taxed under the current system with 12.
The new Minerals Resource Rent Tax will apply only to iron ore and coal projects, while a Petroleum Resource Rent Tax, currently applicable to offshore oil and gas projects, will be extended to onshore oil and gas projects, Gillard said.
The 1997 result includes a net abnormal loss of $976 million after tax which comprised: $189 million write-down of Minerals' asset portfolio, $550 million write-down of some North American copper assets, $220 million charge for plant closures and labour provisions in Steel, and a $124 million write-down of Petroleum refinery assets partly offset by an abnormal profit of $107 million from settlement of the Petroleum Resource Rent Tax issue with the Victorian Government.
The abnormal items were $107 million in the current year, arising from the settlement of the Petroleum Resource Rent Tax issue with the Victorian Government and a $65 million income tax benefit for the corresponding period.