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.

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:

• Index – Record keeping for business

See also:

• Record keeping for PRRT – detailed record-keeping requirements

ATO information for businesses about the different records you need to keep if your business is required to pay petroleum resource rent tax (PRRT), including the need to keep records for seven years or more.