Excluded expenditure

Certain expenditure is specifically excluded from being deductible for PRRT. This is referred to as excluded expenditure, and includes the following:

• interest and principal repayments on borrowings
• interest components of hire-purchase payments
• dividend payments
• share issue costs
• private override royalties (other than certain eligible native title payments)
• equity capital repayments
• payments to acquire (other than by grant) an interest in an exploration permit, retention lease, production licence, pipeline licence or access authority
• payments to acquire interests in petroleum project profits, receipts or expenditures
• income tax and goods and services tax payments
• indirectly incurred administrative or accounting costs, salary, wages or other work costs
• payments for land and buildings used for administrative or accounting purposes if the land or buildings are not located at, or adjacent to the project site.