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Petroleum resource rent tax - Record keeping for starting base
This draft information is for use in community consultation on how the ATO may administer the proposed extension to the petroleum resource rent tax.
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This early guidance is intended to help taxpayers with their extended petroleum resource rent tax (extended PRRT) obligations and their tax advisers understand:
- the ATO's approach to documentation and record keeping, and
- how the approach applies in relation to starting base.
The areas covered include:
- General record keeping
- Record keeping for starting base assets
- Valuation reports
General record keeping
How to keep records
The ATO considers that the principles relating to income tax could be expected to be applicable for extended PRRT purposes subject to the specific record keeping requirements contained in section 112 of the Petroleum Resource Rent Tax Assessment Act 1987 (PRRTAA 1987).
Broadly, the general record keeping provisions contained in section 262A of the Income Tax Assessment Act 19361 (ITAA 1936) and section 382-5 of Schedule 1 to the Tax Administration Act 1953 requires an entity to keep records:
- that record and explain all transactions and other acts engaged in by the person that are relevant for the purposes of the relevant Act
- that are in English or are readily accessible and convertible into English, and
- that enable the entity's liability under the relevant Act to be readily ascertained.
The following ATO rulings - though they relate to income tax laws - provide general guidance about record keeping:
- TR 96/7: Income tax: record keeping - section 262A - general principles
- TR 2005/9: Income tax: record keeping - electronic records