
TY  - JOUR
A1  - Lawry, M.J. 
T1  - THE FISCAL SETTINGS THAT ARE IMPORTANT TO PETROLEUM EXPLORATION AND DEVELOPMENT IN AUSTRALIA
JF  - The APPEA Journal
JO  - The APPEA Journal
Y1  - 2003
VL  - 43
IS  - 1
SP  - 655
EP  - 664
KW  - 
UR  - https://doi.org/10.1071/AJ02037 
N2  - A fiscal regime must reflect the underlying characteristics of the petroleum industry. Australia&#x2019;s fiscal settings do not sufficiently reflect the current and future characteristics of the industry, particularly frontier deepwater exploration activity. The fiscal system can encourage greater exploration by providing more immediate access to tax benefits for exploration for all taxpayers, adjustment of the PRRT augmentation rules to better reflect time lags and improving development economics for high risk projects. Competing international regimes exhibit a greater flexibility of fiscal terms required to attract investment. Common petroleum industry arrangements, such as farm-ins should be free from any tax uncertainty. Tax legislation should be amended on a timely basis to correct technical anomalies or uncertainties. 
ER  -

