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  • ATO action to reduce the gap

    Our strategy to reduce the petroleum resource rent tax (PRRT) gap focuses on:

    • entering into, and monitoring compliance with, annual compliance arrangements (ACAs) and advance pricing arrangements (APAs) with key taxpayers and project operators
    • consulting with industry and advisers to identify and address administrative and technical issues
    • providing early guidance to assist taxpayers to comply with the law
    • obtaining assurance of annual returns by comparing the PRRT positions of joint venture participants engaged in the same project
    • obtaining assurance through reviews and audits.

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      Last modified: 17 Oct 2019QC 57597