From Fairfax today on the Petroleum Resource Rent Tax (PRRT):
After all available deductions are taken, it is supposed to extract up to 40 per cent of profits from a project in recognition that companies have been granted the right to extract a finite national resource.
But figures from the Department of Industry, the ATO and Commonwealth budget papers, suggest the effective rate of PRRT being paid has plummeted from 24 per cent of total industry revenues in 2003/04 to barely 5 per cent in 2013/14.
