Petroleum resource rent tax - Record keeping for starting base

Overview

This draft information is for use in community consultation on how the ATO may administer the proposed extension to the petroleum resource rent tax. Refer to 'Proposed extension to petroleum resource rent tax early guidance - Disclaimer: Purpose and status of this material'.

This early guidance is intended to help taxpayers with their extended petroleum resource rent tax (extended PRRT) obligations and their tax advisers understand:

• the ATO's approach to documentation and record keeping, and
• how the approach applies in relation to starting base.

The areas covered include:

• General record keeping
• Record keeping for starting base assets
• Valuation reports

General record keeping

Sections within General record keeping

• How to keep records
• When should a transaction be recorded?
• For how long should records be kept?