• Advice under development – petroleum resource rent tax issues

    We are developing advice and guidance on the following petroleum resource rent tax issues.

    [3871] Commissioner's power to transfer exploration expenditure deductions [UPDATED]

    See also:

    [3871] Commissioner's power to transfer exploration expenditure deductions

    Title
    Law Administration Practice Statement
    Petroleum resource rent tax: amendment period for transfer of exploration expenditure.

    Registered
    May 2017

    Purpose
    To guide ATO staff on when a petroleum resource rent tax assessment can be amended to correct an error in a transfer of exploration expenditure.

    Expected completion
    9 October 2017

    Comment
    The document is in the final stages of internal review.

    [3878] Closing down expenditure

    Title
    Draft Tax Determination
    Petroleum Resource Rent Tax: closing down expenditure

    Registered
    1 August 2016

    Purpose

    To outline the Commissioner’s view on the taxation treatment of  abandonment and decommissioning expenditure (‘ADE’) and rehabilitation expenditure under the closing-down deductibility provision in subsection 39(1) of the PRRT Act while production of petroleum or marketable petroleum commodities (‘MPCs’) continue in another part of the petroleum project or combined project.

    Expected completion
    9 October 2017

    Comments
    See also consultation matter [201641]

    [3879] General project expenditure

    Title
    Draft Tax Determination
    Petroleum Resource Rent Tax: general project expenditure under section 38 of the Petroleum Resource Rent Tax Assessment Act 1987

    Registered
    1 August 2016

    Purpose

    To outline the Commissioner’s view on the taxation treatment of  abandonment and decommissioning expenditure (‘ADE’) and rehabilitation expenditure under the general deductibility provision in section 38 of the PRRT Act while production of petroleum or marketable petroleum commodities (‘MPCs’) continue in another part of the petroleum project or combined project. 

    Expected completion
    9 October 2017

    Comments
    See also consultation matter [201640]

    Last modified: 15 Sep 2017QC 50321