Australian Treasurer Jim Chalmers has announced the registration of new Petroleum Resource Rent Tax regulations on 6 August 2024, which apply to tax years beginning on or after 1 July 2024. The new regulations implement recommendations of the Treasury gas transfer pricing review, including: The requirement that an irrevocable election be made to use either the shorter or longer asset life formula; The equalization of treatment of notional upstream and downstream entities between loss and profit situations when using the residual pricing method (RPM); Updated comparable uncontrolled price (CUP) rules to align with current OECD guidelines; Modified advanced pricing arrangement...