Rulings

The following is a list of all rulings in our legal database relevant to the petroleum resource rent tax (PRRT), including links to each ruling.

Esso decision

On Friday 17 August 2012, the High Court refused to grant special leave to the taxpayer to appeal the February 2012 Full Federal Court decision in Esso Australia Resources Pty Ltd v Commissioner of Taxation [2012] FCAFC 5 (Esso decision).

Now that the litigation has been finalised, the ATO has published a final decision impact statement. This replaces the interim decision impact statement published on 1 August 2012.

The final decision impact statement outlines the ATO view of the decision and how the ATO will administer the PRRT Act in this area including how it will deal with assessments for the 2012 year and earlier years of tax that have been self-assessed by taxpayers on the basis of Draft Taxation Rulings TR 2010/D4, TR 2010/D5 and TR 2010/D6.

The Draft Rulings and Miscellaneous Taxation Ruling MT 93/2 have been withdrawn effective from 5 October 2012 as a consequence of the Esso decision.

The ATO proposes to issue a public ruling on the implications of the Full Federal Court decision. The ATO is also considering what advice or guidance (if any) to provide on other matters covered in the Draft Rulings and MT 93/2.

Find out more Refer to Tax Office response to recent decisions and search for Esso Australia Resources Pty Ltd v Commissioner of Taxation.

Rulings relevant to PRRT

Rulings relevant to PRRT legislation are:

TR 2009/1 - Petroleum resource rent tax: transfer of expenditure incurred in relation to a project that did not have a production licence to other taxable projects of the person or other group companies under sections 45A and 45B of the Petroleum Resource Rent Tax Assessment Act 1987 where the expenditure is taken to be incurred by the person under sections 48 and 48A of that Act.

TR 2008/6 - Petroleum resource rent tax and income tax: treatment of geosequestration expenditure and receipts.

TR 2008/10 - Petroleum resource rent tax: application of Petroleum Resource Rent Tax Assessment Regulations 2005 to an integrated gas-to-liquid operation.

MT 2004/1 - Petroleum resource rent tax: effects of transferring an interest in an exploration permit or retention lease.