Lodging, reporting and paying for PRRT

An entity with an interest in a petroleum project may have lodgment, reporting and payment obligations under the petroleum resource rent tax (PRRT). For example, an entity needs to lodge quarterly instalment statements and an annual PRRT return if it derives assessable receipts and the tax is payable in quarterly instalments.

An entity with an interest in an exploration permit or retention lease does not have a liability to pay PRRT. However, it may benefit from understanding aspects of PRRT which may affect it now and into the future. This information helps it consider record keeping requirements.

Registering for PRRT

An entity with an interest in a petroleum project entering the PRRT regime for the first time may consider registering for PRRT and providing up-to-date contact details.

We can then provide the entity with information to help it make PRRT decisions.

If an entity has a PRRT payment liability we issue it with a unique payment reference number (PRN) so it can pay electronically.

An entity with an interest in an exploration permit or retention lease may also choose to register for PRRT.

As PRRT is assessed on a project basis, an entity that wants to register lodges a separate registration form with us for its interest in each petroleum project, exploration permit or retention lease.

Next step:

• Register for PRRT