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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.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of the legal and taxation principles relating to such operations and transactions in Australia
- Be able to critically examine, analyse, interpret and assess the effectiveness of these principles
- Be an engaged participant in debate regarding emerging and contemporary issues in the field of mineral and petroleum taxation
- Have a sophisticated appreciation of the commercial factors driving the evolution of the legal and taxation framework for such operations and transactions
- Have an advanced understanding of situations in which legal disputes may arise within these operations and transactions
- Have the cognitive and technical skills to generate critical and creative ideas relating such operations and transactions, and to critically evaluate existing legal theories, principles and concepts with creativity and autonomy
- Have the cognitive and technical skills to independently examine, research and analyse existing and emerging legal and taxation issues arising from such operations and transactions in Australia
- Have the communication skills to clearly articulate and convey complex information regarding such operations and transactions to relevant specialist and non-specialist audiences
- Be able demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of mineral and petroleum taxation.
Last updated: 10 November 2023