| Petroleum resource rent tax: overview |
| This document provides an overview of the petroleum resource rent tax. Examples of information provided includes projects that the tax applies to, how the tax is assessed, and allowable tax deductions. |
| Administrative decisions during transition - consolidation |
| The Commissioner of Taxation has made an administrative decision to provide MRRT taxpayers with further time to make and notify the ATO of a consolidation choice and new PRRT taxpayers with further time to notify the ATO of a consolidation choice. |
| Application to register for petroleum resource rent tax (PRRT) |
| Complete and lodge this application if you want to register an entity for petroleum resource rent tax. |
| Assessable receipts |
| The most significant assessable receipts arise from the commercial recovery of petroleum, generally when the petroleum is sold (either before it is processed or after some preliminary processing has been undertaken). |
| Calculating PRRT liability |
| A taxpayer's PRRT liability is calculated on the taxable profit the taxpayer makes from an interest in a petroleum project in a year. |
| Combining PRRT projects |
| Taxpayers who hold an interest in two or more petroleum projects can apply to the resources minister for approval to combine the projects and treat them as a single project for PRRT purposes. Criteria apply. |
| Consolidation of interests in a PRRT project |
| Wholly owned groups that are consolidated for income tax purposes can choose to consolidate their onshore petroleum project interests for petroleum resource rent tax (PRRT) purposes. |
| Consultation on proposed extension to petroleum resource rent tax |
| On 2 November 2011, the government introduced the extension to the petroleum resource rent tax (PRRT) legislative package into Parliament. |
| Deductible expenditure |
| Deductible expenditure for a petroleum project may be of a capital or revenue nature and is deductible in the year it is liable to be incurred. |
| Getting help from the ATO |
| The ATO is committed to helping taxpayers understand and meet their PRRT obligations. Contact us by phone or in writing to obtain information, guidance or advice. |
| Instructions for notification of PRRT instalment transfer interest charge |
| Instructions for completing the notification of petroleum resource rent tax (PRRT) instalment transfer interest charge. |
| Instructions for notification of transfer of PRRT exploration expenditure |
| Instructions for completing the notification of transfer of petroleum resource rent tax (PRRT) exploration expenditure. |
| Instructions for PRRT deductible expenditure schedule |
| Instructions for completing the petroleum resource rent tax (PRRT) deductible expenditure schedule |
| Instructions for PRRT notification of transfer of an interest in a petroleum title |
| Instructions for completing the petroleum resource rent tax (PRRT) notification of transfer of an interest in a petroleum title. |
| Instructions for PRRT return |
| Instructions for completing the petroleum resource rent tax (PRRT) return. |
| Instructions for PRRT starting base return |
| Instructions for completing the petroleum resource rent tax (PRRT) starting base return. |
| Introduction to PRRT |
| Taxpayers calculate their PRRT liability in relation to each petroleum project interest they hold. The tax is levied on the taxable profits derived from the project. Taxable profit is the excess of assessable receipts over the deductible expenditure and transferred exploration expenditure. |
| Introduction to the extension of the petroleum resource rent tax |
| From 1 July 2012, the PRRT regime also applies to onshore petroleum projects - including coal seam gas, tight gas and shale oil projects - as well as the offshore North West Shelf project (but not to the Joint Petroleum Development Area in the Timor Sea). |
| Key concepts and development of PRRT |
| Key concepts arising in the petroleum resource rent tax (PRRT) as they apply from 1 July 2012 are described. The history and development of PRRT is also provided. |
| Lodging, reporting and paying |
| PRRT obligations may include starting base returns, annual returns and instalments. Key dates and information to help taxpayers meet their PRRT obligations. |
| Notification of choice made to consolidate for petroleum resource rent tax (PRRT) |
| Use this form to make the choice to consolidate for PRRT and notify us of the choice. Consolidation under PRRT applies only to onshore petroleum project interests. |
| Notification of petroleum resource rent tax (PRRT) instalment transfer interest charge |
| Complete and lodge this notification to provide the details required to calculate the entity's liability for the PRRT instalment transfer interest charge. Also use this notification to request remission of the PRRT instalment transfer interest charge. |
| Notification of transfer of petroleum resource rent tax (PRRT) exploration expenditure |
| Complete and lodge this notification to transfer exploration expenditure between petroleum projects. |
| Petroleum resource rent tax - Determining the market value of an interest in a petroleum project |
| This paper provides aspects of valuing an interest in a petroleum project and is based on the extension to PRRT legislative package introduced into Parliament on 2 November 2011. |
| Petroleum resource rent tax - Market value starting base |
| This paper provides aspects of valuing starting base assets and is based on the extension to PRRT legislative package introduced into Parliament on 2 November 2011. |
| Petroleum resource rent tax - Measuring the market value of property, plant and equipment |
| This paper provides guidance on methods the ATO consider to be good practice for determining the market value of property, plant and equipment. It is based on the extension to PRRT legislative package introduced into Parliament on 2 November 2011. |
| Petroleum resource rent tax - Record keeping for starting base |
| This paper looks at how good record keeping practices apply in the valuation of starting base assets and is based on the extension to petroleum resource rent tax legislative package introduced into Parliament on 2 November 2011. |
| Petroleum resource rent tax - Starting base market valuation risk factors |
| This paper considers risk factors for taxpayers when undertaking a market valuation for starting base assets. It is based on the extension to petroleum resource rent tax legislative package introduced into Parliament on 2 November 2011. |
| Petroleum resource rent tax (PRRT) deductible expenditure schedule |
| Complete and lodge this schedule with the entity's first petroleum resource rent tax (PRRT) return for a petroleum project to notify of any PRRT deductible expenditure. |
| Petroleum resource rent tax (PRRT) notification of transfer of an interest in a petroleum title |
| The vendor needs to complete and give the purchaser this Petroleum resource rent tax (PRRT) notification of transfer of an interest in a petroleum title following the transfer of an interest in a petroleum title. |
| Petroleum resource rent tax (PRRT) return |
| Use this form to notify of the entity's annual PRRT payable for the relevant petroleum project and notify of any changes to the petroleum project details. |
| Petroleum resource rent tax (PRRT) starting base return |
| Complete and lodge this return to notify of the entity's choice of PRRT starting base valuation approach and the amount of its starting base for its interest in an exploration permit, retention lease, petroleum project or combined project. |
| Petroleum Resource Rent Tax Assessment Act 1987 |
| Legislation relating to petroleum resource rental tax. NAT 10113 |
| Petroleum resource rent tax instalment statement |
| Each participant in a petroleum project is required to lodge an instalment statement in respect of each project from which they derive a taxable profit for the instalment period. NAT 9848 |
| Petroleum resource rent tax: 2006 legislative amendments |
| Outline of amendments made to the Petroleum Resource Rent Tax Assessment Act 1987 (effective from 1 July 2006) including the purpose of each amendment and how each of them works. |
| Petroleum resource rent tax: 2009 legislative amendments |
| Outline of amendments made to the Petroleum Resource Rent Tax Assessment Act. |
| Petroleum resource rent tax: augmentation rates |
| Augmentation and gross domestic product factor rates for Petroleum resource rent tax (PRRT). |
| Proposed resource rent tax arrangements - ATO's approach to administrative penalties during the transitional period |
| The ATO's practical approach to the assessment and remission of penalties for administrative positions which are not reasonably arguable, or for false or misleading statements during the transitional period for MRRT and extended PRRT. |
| PRRT updates |
| From 1 July 2012, the PRRT is extended to include onshore petroleum projects including coal seam gas, tight gas and oil shale projects. PRRT will also apply to the North West Shelf project, but will not apply to the Joint Petroleum Development Area in the Timor Sea. |
| Record keeping |
| Maintaining detailed records of all relevant transactions and other acts will ensure that taxpayers can claim all deductions to which they are entitled and do not pay more PRRT than they need to. |
| Rulings |
| A list of all the rulings in our legal database relevant to the petroleum resource rent tax (PRRT), including links to each ruling. |
| Starting base |
| The starting base is designed to recognise the value of investments in petroleum interests that are transitioning into the PRRT regime as a result of extending the law to cover the North West Shelf project and onshore petroleum interests. |
| The ATO's administrative approach to PRRT |
| The first two years of the extended PRRT will be a transitional period for taxpayers who hold an interest in the North West Shelf project or an onshore petroleum project, exploration permit or retention lease. |
| The ATO's administrative approach to resource rent tax examinations of joint ventures |
| Sets out what taxpayers can expect when the ATO examines a joint venture arrangement for the minerals resource rent tax (MRRT), petroleum resource rent tax (PRRT), and the extension to the PRRT. |
| Transfers of exploration expenditure and interests in a petroleum title |
| There are two types of transfers within the PRRT regime - transfers of exploration expenditure, and transfers of interests in a petroleum title. |
| Who PRRT affects |
| Taxpayers may be affected by PRRT if they are entitled to receipts from the sale of petroleum or marketable petroleum commodities produced from petroleum recovered from an area covered by an exploration permit, retention lease or production licence. |