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  • Petroleum resource rent tax gap

    This information is about estimating the petroleum resource rent tax (PRRT) gap. This gap forms a part of our overall tax performance program.

    The PRRT is a tax on the economic rent typically generated from the sale of oil and gas products, known as marketable petroleum commodities (MPCs). It is calculated with reference to the profits and levied in addition to income tax payable by the owners of petroleum projects, and is paid on:

    • stabilised crude oil
    • sales gas
    • condensate
    • liquefied petroleum gas (LPG)
    • ethane
    • shale oil
    • any other product declared by regulation to be an MPC.

    PRRT is assessed on a project basis, which means an entity calculates its liability separately for each project interest it holds.

    For 2018–19, we estimate the PRRT gap to be 2.2% or $24 million. In other words, we estimate that over 97% of the theoretical PRRT payable was paid in 2018–19.

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      Last modified: 19 Oct 2021QC 57597