On 25 July 2024, the Australian Taxation Office (ATO) issued a release on changes that clarify the tax treatment of 'exploration' and 'mining, quarrying and prospecting rights'. --- Clarifying the tax treatment of 'exploration' and 'mining, quarrying and prospecting rights' The Government announced changes to the tax treatment of 'exploration' and 'mining, quarrying and prospecting rights'. In response to the decision of the Full Federal Court in Commissioner of Taxation v Shell Energy Holdings Australia Limited [2022] FCAFC 2, the Government has amended the PRRT to clarify that 'exploration for petroleum' is limited to the 'discovery and identification of the...