Summary
Amends the: Offshore Petroleum and Greenhouse Gas Storage Act 2006 and Petroleum Resource Rent Tax Assessment Act 1987 to reduce the uplift rates that apply to certain categories of carried-forward expenditure; Petroleum Resource Rent Tax Assessment Act 1987 to remove onshore projects from the scope of the petroleum resource rent tax (PRRT); and Excise Tariff Act 1921 and Income Tax Assessment Act 1997 to remove certain exclusions from the PRRT that are no longer necessary following the exclusion of onshore petroleum projects.