The new PRRT covers conventional and unconventional oil and gas, both onshire and offshore, with only the Joint Petroleum Development Area between Australia and East Timor excluded.
The changes revise the 1987 arrangement, which excluded the North West Shelf area and all onshore projects from the tax, though the charge will stay the same, at 40% of profits after deductions.
Noel Mullen, deputy chief executive of the Australian Petroleum Production and Exploration Association, says he is working to see the new tax implemented efficiently and transparently.
"Now that the legislation has been enacted by Parliament, it is essential that companies have the certainty required to make future investment decisions and comply with the law," says Mullen.
