PRRT deductible expenditure

An entity's deductible expenditure (or eligible real expenditure) for a petroleum project includes expenditure that is directly related to a petroleum project. It may be of a capital or revenue nature and is deductible in the year the payment is liable to be made.

If deductible expenditure exceeds the assessable receipts derived during the year, the excess is uplifted and carried forward so it can be deducted against assessable receipts derived in future years.

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How to work out PRRT

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    Last modified: 30 Jan 2014QC 26133