Oil self sufficiency, page-20

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raiderup

17,248 Posts.

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31/07/14

19:57

Post #: 13749868
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Originally posted by etherazer ↑

Taxing point
The point at which petroleum, or products produced from petroleum, become taxable is commonly referred to as the taxing point. While the term is not defined in the legislation, it commonly refers to the point in time when the petroleum is sold or an MPC becomes an excluded commodity.
It is at the taxing point that assessable receipts are brought to account, and up to which eligible project expenditures incurred (deductible expenditure) are deducted to determine PRRT taxable profit.
The taxing point signifies the boundary between petroleum project operations, which fall within PRRT, and non-project operations, which do not.

Taxable profit
PRRT is levied at the rate of 40% on the taxable profits derived from the petroleum project in a year of tax. A year of tax is the first financial year in which an entity derives assessable petroleum receipts and any subsequent financial year.
The taxable profit derived from a petroleum project in a year of tax is the excess of assessable receipts over the deductible expenditure and transferred exploration expenditure.

Mooramick this extra 40%!!!!! tax on profit that Labor's Swan and Gillard brought in when they extended the PRRT to onshore projects as part of the MRRT could be a tiny disincentive on top of your extensive list.
However I do believe despite all these disincentives a major international energy company, Mitsui, is a senior JV partner with Buru Energy in the Canning Basin which you missed and aren't Apache Energy and Chevron in JVs involving onshore Aust. permits?
ie Chevron and Beach Energy and Icon Energy JV in the Cooper Basin.

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Cheers Eth, but you forgot OBL in the canning, as per their quarterly today Backreef 100 percent owned, P 50 -391 MM bls oil.

Don't forget the wet season in the Canning.

Raider

Disclosure I own OBL shares .

In the land of the blind the one eyed man is king.
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There are more pages in this discussion • 16 more messages in this thread...

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Oil self sufficiency, page-20

Top Stories

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Banshee's historic trenches prove rich in antimony and gold for GDM

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

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