CUBIC1122

[Gerard Rennick @RennickGBR]

The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation.

Here are the facts:

1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership.

2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers.

3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition.

https://t.co/PeAaJW2pjF has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales.

Combined with the 30% company tax that will guarantee that Australians share in over
40% of the profits of any offshore oil and gas project.

That’s an excellent return given taxpayers incur no risk.

I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax.

David Pocock, the Greens and One Nation are all wrong on this.

The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas.

One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return.

Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.

[CUBIC1122 @nickhalltherapy]

@PaulineHansonOz @au_energy_prod Gerrard Rennick Pauline Hanson coalition?

[CUBIC1122 @nickhalltherapy]

@thematrixb0t @iluminatibot What are you talking about I can name at least half dozen countries that are sympathetic to America in the middle east

[CUBIC1122 @nickhalltherapy]

@JEChalmers Haha congrats on securing 3 days of diesel of course that's not landed.

[CUBIC1122 @nickhalltherapy]

@RennickGBR @clowndownunder @TheIPA This war only benefits Israel and Russia and screws everyone else globally!

[CUBIC1122 @nickhalltherapy]

@wideawake_media Boss!

[CUBIC1122 @nickhalltherapy]

@KnoxieLuv @_whitneywebb Here come minority report

[CUBIC1122 @nickhalltherapy]

@amiKozak @ComicDaveSmith Are trying to make the argument that attacking iran is an act of defense or something? Haha

[CUBIC1122 @nickhalltherapy]

@elonmusk Seems fair.

[CUBIC1122 @nickhalltherapy]

@JillianMichaels Hey Jillian I'll bet any money you will avoid any of the connections Epstein had to Israel.

[CUBIC1122 @nickhalltherapy]

@DanBilzerian Sickos demented.

[CUBIC1122 @nickhalltherapy]

@Keir_Starmer Should politicians that knowingly appoint members of there cabinet who are associated with convicted pedophiles be let of the hook?

[CUBIC1122 @nickhalltherapy]

@DavidShoebridge Welcome to country is causing the division. How does one ethnic group welcoming other ethnic group onto land that they no longer own make any sense. It's a condescending devicive and insulting gesture to all Australians Especially aboriginals. We are one country one people.

[CUBIC1122 @nickhalltherapy]

@iluminatibot I think you might be stumped there pbd.🤔

[CUBIC1122 @nickhalltherapy]

@allenanalysis Imagine a politician exposing someone as posing hahahaha

[CUBIC1122 @nickhalltherapy]

@TinashePeter_ HAHAHAHA

[CUBIC1122 @nickhalltherapy]

@Craig_Foster And what about the kids dying in the Congo that have to mine all the cobalt for the batteries that net zero would require?

[CUBIC1122 @nickhalltherapy]

@BarackObama @ObamaFoundation I agree it's on both sides but the left is far worst at this than the right and they do it under the facade of protecting people and the environment. This is far more sinister as they are not being honest about there true agenda of control through impoverishment of the people.

[CUBIC1122 @nickhalltherapy]

@IvankaNews_ Hahaha

[CUBIC1122 @nickhalltherapy]

@IvankaNews_ Haha war monger