Mineral and Petroleum Tax (LAWS70399)

Mineral and petroleum resources play a significant part in the Australian economy. The exploitation of these resources involves governments, as proprietors and regulators, together with private enterprise, as explorers and developers. The complex relationship between governments and private enterprise includes several fiscal components: State and Territory royalties and stamp duties; Commonwealth income tax, GST, customs and excise, and ‘carbon taxes’; and ‘special’ Commonwealth levies, such as the Petroleum Resource Rent Tax and the Minerals Resource Rent Tax. Australia’s federal system of government adds an important dimension to that relationship.

This subject examines all aspects of these fiscal measures relating to mineral and petroleum resources. The subject is not limited to tax specialists. It is designed for private and public sector lawyers and advisers with tax or non-tax backgrounds, seeking a practical overview of the legal and taxation implications of mining and petroleum operations and transactions, as well as an understanding of the framework of mining and petroleum laws that underpin the relevant tax regimes.

Principal topics include:

• Property in minerals and petroleum
• Constitutional authority over exploration for, and production of, minerals and petroleum
• Statutory regimes governing exploration for, and production of, minerals and petroleum
• Tenement transfers and sub-leases, farmouts, joint ventures and overriding royalties
• State and Territory royalties
• Corporate income taxation of exploration for, and production of, minerals and petroleum
• Petroleum Resource Rent Tax
• Selected GST issues
• Selected stamp duty issues.