Scott Ryan (President) Share this | Hansard source

The question now is that the amendment on sheet 8665, circulated by Pauline Hanson's One Nation, be agreed to:

Pauline Hanson's One Nation circulated amendment—

(1) Page 32 (after line 4), at the end of the Bill, add:

Schedule 3—Taxation transparency reporting

Offshore Petroleum and Greenhouse Gas Storage Act 2006

1 After subsection 136(22)

  Insert:

Reporting

  (23) A petroleum retention lease is subject to a condition that the lessee must give the Commissioner of Taxation a taxation transparency report within:

  (a) 30 days after the day on which the lease is granted; and

  (b) in relation to each year of the term of the lease, 30 days after the day on which the year of the term ends.

  (24) In this section taxation transparency report means a report that includes the following information:

  (a) an estimate of the quantity of recoverable petroleum in all petroleum pools situated in the lease area;

  (b) an estimate of the value of the recoverable petroleum mentioned in paragraph (a);

(c) the data upon which the estimates in paragraphs (a) and (b) are based; and

  (d) all payments to the Commonwealth, a State or a Territory related to liabilities arising from the petroleum retention lease, including:

     (i) relevant lease fees;

     (ii) royalties; and

     (iii) any tax (however described) payable under a law of the Commonwealth or of a State or Territory.

  (25) The Commissioner of Taxation must, as soon as practicable after receipt, make publicly available each taxation transparency report.

2 After subsection 162(21)

  Insert:

Reporting

  (22) A petroleum production licence is subject to a condition that the licence holder must give the Commissioner of Taxation a taxation transparency report within:

  (a) 30 days after the day on which the licence is granted; and

  (b) in relation to each year of the term of the licence, 30 days after the day on which the year of the term ends.

  (23) In this section taxation transparency report means a report that includes the following information:

(a) an estimate of the quantity of recoverable petroleum in all petroleum pools situated in the licence area;

(b) an estimate of the value of the recoverable petroleum mentioned in paragraph (a);

(c) the data upon which the estimates in paragraphs (a) and (b) are based; and

(d) all payments to the Commonwealth, a State or a Territory related to liabilities arising from the petroleum production licence, including:

     (i) relevant licence fees;

     (ii) royalties; and

     (iii) any tax (however described) payable under a law of the Commonwealth or of a State or Territory.

  (24) The Commissioner of Taxation must, as soon as practicable after receipt, make publicly available each taxation transparency report.

3 Subsection 470 ( 2 ) (after table item 2)

  Insert: