{"id":2106,"date":"2019-04-01T23:16:58","date_gmt":"2019-04-01T23:16:58","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=2106"},"modified":"2019-04-01T23:16:58","modified_gmt":"2019-04-01T23:16:58","slug":"324-billion-reasons-the-prrt-is-a-joke","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2019\/04\/01\/324-billion-reasons-the-prrt-is-a-joke\/","title":{"rendered":"$324 billion reasons the PRRT is a joke"},"content":{"rendered":"<p>Treasury spokesperson, Senator Peter Whish-Wilson, today commented on new tax statistics released by the ATO revealing tax credits to oil and gas giants have ballooned to $324 billion.<br \/>\n&#8220;The PRRT is the most egregious rort in the Australian tax code.<br \/>\n&#8220;The failure of successive Liberal and Labor governments to address this problem has resulted in oil and gas companies accumulating a whopping $324 billion worth of tax offsets.<br \/>\n&#8220;This equates to around 70% of the Commonwealth Government\u2019s total revenue.<br \/>\n&#8220;The\u00a0<a href=\"https:\/\/media-senatorwhish-wilson.cmail19.com\/t\/t-l-ohjijyk-mkrlijktu-o\/\"><b>Government\u2019s Bill\u00a0<\/b><\/a>scheduled to be debated in parliament this week will raise only $6 billion in additional revenue over ten years.<br \/>\n&#8220;While the world is in the middle of an LNG boom, we\u2019re practically giving the stuff away.<br \/>\n&#8220;The fundamental flaw with the PRRT is the overly generous uplift rates applied to carried-forward expenditure which is used to offset taxable income.<br \/>\n&#8220;Most problematic are exploration expenses which compound at 15% above the long-term bond rate, and can be transferred from one project to another within a company.<br \/>\n&#8220;On current trends, it is an open question whether PRRT tax offsets will ever be expired. Some companies might ride a multi-decade long boom and end up tax positive.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury spokesperson, Senator Peter Whish-Wilson, today commented on new tax statistics released by the ATO revealing tax credits to oil and gas giants have ballooned to $324 billion. &#8220;The PRRT is the most egregious rort in the Australian tax code. &#8220;The failure of successive Liberal and Labor governments to address this problem has resulted in &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2019\/04\/01\/324-billion-reasons-the-prrt-is-a-joke\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;$324 billion reasons the PRRT is a joke&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2106","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=2106"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2106\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=2106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=2106"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=2106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}