Australian Treasurer Jim Chalmers has announced the registration of new Petroleum Resource Rent Tax regulations on 6 August 2024, which apply to tax years beginning on or after 1 July 2024. The new regulations implement recommendations of the Treasury gas transfer pricing review, including:
- The requirement that an irrevocable election be made to use either the shorter or longer asset life formula;
- The equalization of treatment of notional upstream and downstream entities between loss and p…