References & Citations

Chapter 3: Hello, New Western Australia

1.      Australian Bureau of Statistics, Taxation Revenue, Australia, 2023-24 (2024) <https://www.abs.gov.au/statistics/economy/government/taxation-revenue-australia/latest-release>.

2.      Australian Taxation Office, Corporate Tax Transparency Report for the 2022-23 Income Year (2024) <https://www.ato.gov.au/businesses-and-organisations/corporate-tax-measures-and-assurance/large-business/in-detail/tax-transparency/corporate-tax-transparency-report-2022-23>.

3.      Chevron Corporation, Wheatstone Project <https://www.chevron.com/what-we-do/energy/oil-and-natural-gas/assets/wheatstone>.

4.      Commonwealth of Australia, Budget 2023-24: Final Budget Outcome (2023) <https://archive.budget.gov.au/2023-24/fbo/download/01_part_1.pdf>.

5.      Commonwealth of Australia, Australian Government Budget Outcome 2023-24 (2023) <https://archive.budget.gov.au/2023-24/fbo/download/00_fbo_2023-24.pdf>.

6.      Covalent Lithium, Our Project <https://www.covalentlithium.com/our-project>.

7.      Engineers Australia, Heritage Recognition Program: North West Shelf Project Nomination (2017) <https://portal.engineersaustralia.org.au/system/files/engineering-heritage-australia/nomination-title/HRP.North%20West%20Shelf%20Project.Nomination.V6.7%20Oct%202017.pdf>.

8.      Federal Reserve Bank of St. Louis, Global Price of LNG, Asia (PNGASJPUSDM) (2024) <https://fred.stlouisfed.org/series/PNGASJPUSDM>.

9.      Mining Act 1978 (WA) <https://www.legislation.wa.gov.au/legislation/statutes.nsf/main_mrtitle_604_homepage.html >.

10.   Government of Western Australia, Department of Treasury, 2025-26 State Budget: Budget Paper No. 3 - Economic and Fiscal Outlook (2025) <https://www.ourstatebudget.wa.gov.au/2025-26/budget-papers/bp3/2025-26-wa-state-budget-bp3.pdf>.

11.   Iluka Resources Limited, June 2024 Quarterly Review (2024) <https://www.iluka.com/media/4trbs0xp/iluka-resources-june-2024-quarterly-review.pdf>.

12.   Western Australian Public Sector Commission, The Structure of the Western Australian Government Sector <https://www.wa.gov.au/organisation/public-sector-commission/the-structure-of-the-western-australian-government-sector>.

13.   Wesfarmers Limited, Covalent Lithium Opens Mt Holland Lithium Mine and Concentrator (2024) <https://www.wesfarmers.com.au/util/news-media/article/2024/03/07/covalent-lithium-opens-mt-holland-lithium-mine-and-concentrator>.

Petroleum Resource Rent Tax (PRRT)  

14.   Australian Taxation Office, PRRT Deductible Expenditure (2025) <https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/petroleum-resource-rent-tax/work-out-prrt/prrt-deductible-expenditure>. Annotation: Confirms that taxable profit for PRRT purposes is calculated as assessable receipts minus deductible expenditures, which include exploration, development, operating, and closing-down costs; unused deductions can be carried forward and uplifted at rates such as LTBR +5% or GDP factor, depending on the class of expenditure.

15.   Australian Taxation Office, PRRT Concepts (2025) <https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/petroleum-resource-rent-tax/prrt-concepts>. Annotation: States that taxable profit is the excess of assessable receipts over deductible expenditure and transferred exploration expenditure; where deductible expenditure exceeds assessable receipts, the excess is uplifted, carried forward, and applied against future assessable receipts.

16.   Australian Taxation Office, Transfers of PRRT Exploration Expenditure (2025) <https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/petroleum-resource-rent-tax/work-out-prrt/transfers-of-prrt-exploration-expenditure>. Annotation: Explains that exploration expenditure can be transferred between petroleum projects under certain conditions, such as when projects are combined or when there is common ownership.

17.   Australian Accounting Standards Board, Interpretation 1003: Australian Petroleum Resource Rent Tax (2007) <https://www.aasb.gov.au/admin/file/content105/c9/INT1003_11-07.pdf>. Annotation: Outlines that PRRT taxable profit is assessable receipts less eligible expenditures (including exploration, project development, and operating costs) and uplifted carried-forward expenditures, with exploration expenditures transferable from other projects; PRRT payments themselves are deductible for income tax purposes under the Income Tax Assessment Act 1997.

18.   Petroleum Resource Rent Tax Assessment Act 1987 (Cth) <https://www.legislation.gov.au/C2004A03551/latest/text>. Annotation: Definition of “augmented bond rate”. Provides a statutory uplift mechanism (LTBR uplift component) used in calculating uplifted/carry-forward expenditure classes. s 22 “Taxable profit”. Defines taxable profit as assessable receipts less deductible expenditure (and incorporates transferred exploration expenditure in the calculation). s 32 “Deductible expenditure” (and related categories such as general project expenditure / exploration expenditure). Sets out the classes/categories of deductible expenditure used in calculating taxable profit.

19.   Income Tax Assessment Act 1997 (Cth) <https://www.legislation.gov.au/C2004A05138/latest/text>. Annotation: s 8-1 “General deductions”. Establishes deductibility for ordinary business outgoings (operating costs) incurred in gaining assessable income (subject to exclusions). s 40-25 (Div 40) “decline in value” deductions. Provides the mechanism by which many forms of capital expenditure are deducted over time via depreciation rules. s 40-730 “Deduction for expenditure on exploration or prospecting”. Provides income-tax deductibility for qualifying exploration/prospecting expenditure.