Resource rent taxes
The new minerals resource rent tax and the extended petroleum resource rent tax arrangements applied from 1 July 2012.
Our focus was on up-front compliance strategies, including commencing negotiations on annual compliance arrangements to provide practical certainty for these taxpayers. Our reviews of minerals resource rent tax payers concentrated on their readiness for the new arrangements. We kept them informed of administrative decisions affecting their compliance obligations, while for existing petroleum resource rent taxpayers we focused on claims made for deductible and exploration expenditure.