This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
How to record book value approach
Where a taxpayer has chosen to use the book value approach to value their starting base assets, the taxpayer may use amounts in the accounts as the book value of the starting base assets.
In addition to the accounts, the ATO will be interested in documents that explain and confirm which assets are used in carrying on or providing the operations, facilities and other things comprising a petroleum project. Also, if an asset is used for both PRRT and non-PRRT purposes, the ATO may seek records to support a calculation of the apportionment between the two purposes.