Country Report
Australia upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded under concession terms through the licensing rounds and direct negotiation. For onshore projects (under State jurisdiction) royalty rates vary from 10% to 12.5% depending on which State the block is located in. Excise duties can range from 0%-55% for oil and condensate, with an exemption for the first 30 million barrels produced. Offshore projects located more than three nautical miles from the baseline (under Federal jurisdiction) are exempt from royalties and excise duties. For both, onshore and offshore projects, there is no government equity participation; Petroleum Resource Rent Tax (PRRT) at a rate of 40% is payable for offshore projects; corporate income tax at a rate of 30% is payable for both.
Table of contents
- Basis
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Licence terms
- Offshore (Federal) licences
- Onshore/inland waters (State) licences
- Government equity participation
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Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- Excise duty
- 23 more item(s)...
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
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Progressivity
- Fiscal deterrence
Tables and charts
This report includes the following images and tables:
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TimelineTimeline detailsSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate and minimum state share - onshore, oil and gasEffective royalty rate and minimum state share - shelf/deepwater, oil and gasMaximum government share and maximum state share - onshore, oil and gasMaximum government share and maximum state share - shelf/deepwater, oil and gasInvestor IRR versus Pre-Share IRR - oilInvestor IRR versus Pre-Share IRR - gas
- 11 more item(s)...
What's included
This report contains:
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