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  • Petroleum resource rent tax gap

    In this document, you'll find information 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 profits typically generated from the sale of oil and gas products, known as marketable petroleum commodities (MPCs). It is 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 2017–18, we estimate the PRRT gap to be 1.7% or $21 million. In other words, we estimate that over 98% of the theoretical PRRT payable was paid in 2017–18.

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      Last modified: 19 Oct 2020QC 57597