The Australian Treasury has launched a public consultation on a draft bill that amends several sections of the Petroleum Resource Rent Tax (PRRT) Assessment Act 1987 to introduce a cap on the use of deductions to offset assessable income. The deductions cap brings forward PRRT receipts from Liquefied Natural Gas (LNG) projects that are yet to pay PRRT and ensures a minimum return to taxpayers from the offshore LNG industry. The deadline for comments is 15 September 2023. --- Summary of new law The deductions cap applies to a person in relation to a petroleum project and a year of...