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  • Apportionment of PRRT deductible expenditure

    The Petroleum Resource Rent Tax Assessment Act 1987 (PRRTAA) allows for a payment to be apportioned. This is to the extent to which it is made in carrying on or providing the operations, facilities and other things in relation to a petroleum project (project activities).

    This information provides an overview of:

    • when an entity may need to apportion a payment in order to work out the extent to which it is deductible expenditure
    • practices that may help an entity apportion its payments
    • record-keeping obligations, including business records that may be sufficient to meet the substantiation requirements for PRRT purposes.

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      Last modified: 18 Jun 2020QC 37839