Show download pdf controls
  • Trends and latest findings

    Table 2 shows the petroleum resource rent tax (PRRT) paid and PRRT gap estimates for the period 2013–14 to 2016–17.

    Table 2: PRRT gap for 2013–14 to 2016–17

    Financial year

    PRRT paid
    ($m)

    Tax gap
    estimate ($m)

    Tax gap
    (%)

    2013–14

    1,827

    60

    3.2

    2014–15

    1,244

    39

    3.1

    2015–16

    944

    20

    2.1

    2016–17

    1,008

    22

    2.1

    Notes:Amounts and percentages may not reconcile due to rounding.The variation in the PRRT paid compared to Taxation Statistics and the Report of Entity Tax Information is due to data being extracted at different points in time.

    The decline in PRRT reported from 2013–14 to 2015–16, and the subsequent increase in 2016–17, is consistent with the trend of oil prices over the same period.

    Figure 1: Average oil prices for crude oil for the period 2013–14 to 2016–17, by quarter

    Figure 1. This graph shows the average price for oil over the period 2013–14 to 2016–17 by each quarter year. The average price trends from approximately $110 per barrel in the September 2013 quarter, to approximately $50 per barrel in the June 2017 quarter.

    Figure 2: Trend in PRRT paid and the tax gap for 2013–14 to 2016–17

    Figure 2. This graph shows the amount of PRRT paid and the net gap stated in Table 2 for the years 2013–14 to 2016–17.

    The Australian PRRT gap is comparable to Her Majesty's Revenue and Customs (HMRC, United Kingdom) petroleum revenue tax gap estimate of 1% to 3% in 2014.

    Return to:

      Last modified: 17 Oct 2019QC 57597