PRRT updates

PRRT update - February 2013

PRRT forms and instructions now available

Forms and instructions for the extended petroleum resource rent tax (PRRT) have been published and are now available on our website.

There are nine forms for the extended PRRT. Part of the suite of forms available includes; PRRT return, PRRT starting base return and PRRT deductible expenditure schedule.

The forms and instructions were developed with industry and tax professionals through the Resource Rent Tax Sub-committee of the National Tax Liaison Group (NTLG).

To access the PRRT forms and instructions, refer to Petroleum resource rent tax and then select 'Forms'.

Decision impact statement - Esso Australia Resources Pty Ltd v Commissioner of Taxation

Following finalisation of litigation in Esso Australia Resources Pty Ltd v Commissioner of Taxation [2012] FCAFC 5 (Esso decision), we have issued a final decision impact statement.

The decision impact statement outlines our response to this case which concerns the deductibility under the Petroleum Resource Rent Tax Assessment Act 1987 of various office facilities, administrative and accounting expenditures, service fees and mutualised research costs.

For further information, refer to Rulings.

Transfers of exploration expenditure and interests in a petroleum title

We have published guidance on the two types of transfers within the PRRT regime - transfers of exploration expenditure and interests in a petroleum title.

For further information, refer to Transfers of exploration expenditure and interests in a petroleum title.

PRRT taxpayers who transfer an interest in a petroleum title will also need to give a notification to the purchaser following the transfer of an interest.

What to do next If you are the vendor, complete and give the following notification to the purchaser following the transfer of an interest in a petroleum title: Petroleum resource rent tax (PRRT) notification of transfer of an interest in a petroleum title information on how to fill in the notification is provided in the Instructions for PRRT notification of transfer of an interest in a petroleum title.

Provision of further time

Further time is being provided to PRRT taxpayers to lodge their 2013 PRRT annual returns and starting base returns for interests in onshore petroleum projects and the North West Shelf project.

For further information, refer to Lodging, reporting and paying.

Administrative decision

The Commissioner of Taxation has made an administrative decision to provide MRRT taxpayers with more time to make and notify us of a consolidation choice and new PRRT taxpayers with more time to notify us of a consolidation choice.

For further information, refer to Administrative decisions during transition - consolidation.

New PRRT registration forms

If you are affected by the extension to PRRT you can now register with us and provide your email address to receive updates about PRRT.

What to do next Complete the new registration form Application to register for petroleum resource rent tax (PRRT) (NAT 9847).

How to tell us of your choice to consolidate for PRRT

A group of entities that is consolidated for income tax purposes can choose to consolidate their interests in an onshore petroleum project for PRRT purposes. You need to notify us of the choice to consolidate within a specified period.

For information on consolidation for PRRT purposes, including extension of the date for onshore PRRT taxpayers to notify us of the choice made to consolidate, refer to Consolidation of interests in a PRRT project. What to do next To notify us, download and complete a Notification of choice made to consolidate for petroleum resource rent tax (PRRT) (NAT 74265) form.

How to contact us about PRRT matters

If, after reading the information under Petroleum resource rent tax you have questions about how PRRT affects you, contact us or seek professional advice.

For information on how to get help and more information from us, refer to Getting help from the ATO.