The Australian Treasury has announced the government's response to the Petroleum Resource Rent Tax (PRRT) review, which was undertaken by economist Mike Callaghan AM PSM. In response to recommendations provided, the main changes as highlighted by Treasurer Josh Frydenberg include:
- Lower uplift rates: These changes will limit the scope for excessive compounding of deductions. For example, the uplift rate on exploration expenditure will be reduced from Long Term Bond Rate (LTBR)+15 percenta…