News about PRRT
Update relevant to TR 2013/D4
On 3 September 2013, the Federal Court handed down its decision in Macquarie Bank Limited v. Commissioner of Taxation  FCA 887External Link. This decision may affect how you review the matters raised in the discussion paper related to the proposed date of effect of the Draft Taxation Ruling TR 2013/D4External Link – Petroleum resource rent tax: what does 'involved in or in connection with exploration for petroleum' mean?.
Draft PRRT exploration ruling released
On 21 August 2013, the Draft Petroleum Resource Rent tax (PRRT) ruling TR 2013/D4External Link – Petroleum resource rent tax: what does 'involved in or in connection with exploration for petroleum' mean? was released for public consultation
Deductible expenditure and the Esso decision
Legislative amendments that address the impacts of the full Federal Court decision in Esso Australia Resources Pty Ltd v. Commissioner of Taxation  FCAFC 5 (the Esso decision) received royal assent on 29 June 2013.
The amendments enable PRRT entities to apportion payments for the purposes of working out deductible expenditure.
Earlier this year, we issued a final decision impact statement outlining our response to the Esso decision. It concerns the deductibility of various office facility expenditures, administrative and accounting expenditures, service fees and mutualised research costs under the Petroleum Resource Rent Tax Assessment Act 1987.
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