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  • Petroleum resource rent tax records

    If your business is required to pay petroleum resource rent tax (PRRT), you need to keep records of your PRRT affairs.

    On this page:

    Overview of PRRT records required

    PRRT records information and examples

    Information your records need to show

    Examples of types of records

    Explanation of all transactions and other acts that are relevant for determining your PRRT liability for each project interest you hold.

    • Contracts
    • Agreements
    • Lifting schedules
    • Billing statements
    • Invoices
    • Financial statements

    If you hold interests in exploration permits and retention leases, you should also keep records to meet future PRRT obligations.

    How long you need to keep PRRT records

    Your need to keep PRRT records for seven years or longer after the completion of the transactions or acts to which they relate. With PRRT, there are often many years between expenses being incurred and those expenses being claimed.

    Find out about:

    See also:

    Last modified: 28 Nov 2019QC 60752