PR, while I appreciate that this is relevant to the post you quoted it's not terribly relevant to the thread.
We don't need a Royal Commission.
It was more an observation than suggestion. Look at how the French treat pension changes as opposed to Australians.
Do you have a better response in mind?
Here are some suggestions … Ken Henry suggest 100% over a certain figure.
How much more revenue would the Australian government have if it taxed gas companies properly? | Australian economy | The Guardian
At a time when people are struggling to pay the bills, a windfall profits tax could have doubled jobseeker or funded aged careamp.theguardian.com
The problem is stopping government from spending the extra revenue.
This is why a sovereign is needed. To stop Dutch disease etc… have you watched the video I posted on the Norwegian fund?
I actually think indexing pensions to take account for an aging population is responsible.
Even if that figure is accurate it will be after the multinational gas companies have moved most of the money offshore as some sort of bogus expense.
That's the beauty of it. The French refuse to be ****ed with.
Paywalled article, can you post the full text?
Oil and gas pay their way on tax
There are no grounds to call for a windfall tax on the record-breaking petroleum industry. There are plenty of levies already.www.afr.com
For offshore projects, governments receive up to 58 per cent of taxable profits through corporate income tax, PRRT, excise and royalties. For onshore projects, it’s up to 63.25 per cent through state royalties, licence fees and corporate income tax.
I will find the ATO release on this figure
Hit refresh and press stop.
Oil and gas pay their way on tax
There are no grounds to call for a windfall tax on the record-breaking petroleum industry. There are plenty of levies already.
Samantha McCullochOil and gas industry representative
Oct 12, 2022 – 3.11pm
The strength and value of Australia’s oil and gas industry is on display in record-breaking LNG export figures and growing economic benefits being delivered to the Australian public.
This is shown in our sector’s broad economic contribution to Australia – which was recently put at enabling almost $500 billion of activity annually.
Those are things you don’t see in state and federal budget papers – like our support of 165,000 jobs, powering of homes and businesses, backing of key industries like manufacturing and facilitation of economic growth, especially in regional Australia.
Pluto LNG plant: the resources industry has kicked off an export bonanza. Woodside
But direct contribution to the public is also important, and it’s there to see.
In growing federal and state government revenue receipts, billions of dollars in new revenue from our industry is helping to bankroll critical public services and infrastructure like roads, schools and hospitals.
New forecasts released last week by the Australian Petroleum Production & Exploration Association (APPEA) further demonstrate this, with LNG exporters forecast to contribute an extra $9 billion to federal and state governments this financial year.
Corporate income tax, the Petroleum Resource Rent Tax (PRRT), state royalties and excise are expected to rise to a total of around $13.8 billion this financial year, up from around $4.8 billion previously.
Changing tax profile
These forecasts show the way the sector’s taxation profile is changing and our role in supporting communities to thrive into the future.
They also underscore why governments must continue to resist calls for a windfall profits tax.
For our sector, Australia already has a profits tax in place in the form of the PRRT at 40 percent, which is applied in addition to corporate income tax and other royalties and payments.
The tax system waits until much of the cost of oil and gas company investments is recovered before considerable amounts of tax is paid.
For offshore projects, governments receive up to 58 per cent of taxable profits through corporate income tax, PRRT, excise and royalties. For onshore projects, it’s up to 63.25 per cent through state royalties, licence fees and corporate income tax.
The growing public returns we are seeing illustrate the benefit to the Australian public of these long-term taxation settings that underpin our industry’s large, capital-intensive and complex projects.
Which other sector invests billions of dollars into projects that ensure energy security, taking on huge risk years before any production actually begins and revenue starts to flow?
Much of the debate about taxation is also out of date because there is a lag between publicly available data and the performance of our industry.
For example, the most recent ATO Tax Transparency Report is for the 2019-20 income tax year when companies with a year end December 31 2022 will soon be lodging returns for the 2022-23 income tax year.
APPEA is working with our members and the Australian Taxation Office to improve how the industry shares information.
Our members are also looking to make more current data easily accessible to the public through their own country taxes paid reports.
We saw this last month when Chevron Australia announced that its expected tax bill would grow considerably.
The taxation profile of the industry has clearly evolved over recent years and the settings in place have delivered substantial benefits.
The sector invested over $300 billion in seven LNG projects between 2010 and 2020 – a massive amount of money committed years before we saw the industry break export earnings records as a world leader for gas supply.
Current economic conditions, including higher than forecasted prices, have put the industry on a much faster track to make up for the losses accumulated during the construction of these huge projects, bringing forward timeframes for tax payments.
This week we saw confirmation of Australia’s LNG success again, with Canberra upgrading export earnings forecasts to $90 billion this financial year, up from the record $70 billion previously.
New supply
Our exports are a global success story by any measure, and we should acknowledge the industry investment, government policies and stable investment environment that helped produce that.
Success and increased profits are often mentioned as a sign the industry needs to be taxed more.
But as we are currently seeing, higher profits mean higher government receipts. And these demands ignore the fact that the industry is also reinvesting in new supply to continue to deliver energy security and future economic benefits to Australia.
We have announced more than $20 billion of investments in new supply over the past two years, even as bans and uncertainty in some jurisdictions hampered our efforts.
Australia’s taxation policy settings need to provide certainty and stability to encourage future investment.
The oil and gas industry stands ready to invest more in new supply and deliver more economic returns for Australians.
The current taxation system supports this global success story in the interests of its owners – the Australian public.
Samantha McCulloch is the chief executive of the Australian Petroleum Production &
