http://www.ey.com/Publication/vwLUA...FILE/EY-2015-Global-oil-and-gas-tax-guide.pdf
Couple of interesting things in this. They tax on the change in net assets plus minus a few adjustments, a system that has been suggested in Australia more than once.
With all the cost recoveries etc part of which Ya stated above the average Gov take is no where near 70%. In fact for the first 6-7 years they get bugger all. In the later years when the ratio formula they use is growing in the Gov favour the max they might take is 70% depending on the terms of the PSC.
For simplicity I use a Gov take of 50% all up over the life of the field. This seems to get things pretty close to the old $10 NPV and current $12.76 NPV at $70 oil. CNE and FAR have no doubt factored in the terms of the PSC in their DCF models.
Also if FAR to go to production and pay income tax either in their own right or as a share of the JV (depending) they should be able to claim same amount as tax credits on their Aus tax return.
All IMO DYOR Etc
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