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The government is jacking up taxes on the gas industry. What's set to change, and how much money will it bring in?

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The gas industry is being hit with jacked-up taxes. What's changing?

Currently companies can deduct their capital costs from 100 per cent of their project income.That leaves 10 per cent of income that can be hit with the PRRT.Treasurer Jim Chalmers said it is a modest change that strikes the right balance between getting more revenue out of the sector, without harming its viability."But we also want to recognise that we want to see investment in the sector, we want to see supply out of these projects.

The chief executive of gas industry body APPEA, Samantha McCulloch, said they're pleased to have an outcome they can work with. The front page of Monday's West Australian newspaper featured the headline "IT'S A TAX ON WEST AUSSIES".

 

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