Resources tax risks small offshore producers: industry

The nation's peak oil and gas body has urged the federal government to ensure proposed changes to tax laws designed to give Australians a fairer share of return of resources profits do not cripple small offshore and onshore producers.

Treasury recently released the legislative framework for the extension of the Petroleum Resource Rent Tax (PRRT) for public comment.

Treasurer Wayne Swan and Resources Minister Martin Ferguson said the resource taxation reforms would allow for a fairer return to Australians from the development of non-renewable resources.

The changes to existing laws would help strengthen the economy through increased superannuation, improved infrastructure and tax cuts for businesses not in the resource boom fast lane, Swan said.

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