The Federal Government has announced that it will introduce a Resource Super Profits Tax ("RSPT') to apply to resources projects from 1 July 2012. The RSPT is projected to raise $3B in revenue in its first year of operation and $9B in its second and will have a profound impact on Australian resource projects including projects currently subject to Petroleum Resource Rent Tax ('PRRT'). The Government has committed to consulting on the detailed design of this new tax with a view to releasing draft legislation by mid-2011 and will have a first round of consultation in May and June 2010.
This event was aimed at providing tax advisors, resources industry executives and investors with a broad understanding of the proposed RSPT, lessons learnt from PRRT, the commercial issues raised by transitioning brownfields projects to a new tax, and the financial and accounting implications of the proposed RSPT.