• Advice under development – petroleum resource rent tax issues

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

    See also:

    • Finalised consultation matter [201642]

    [3895] Expenditure incurred in relation to abandonment, decommissioning and rehabilitation activities

    Title
    Draft Taxation Ruling

    Petroleum resource rent tax: character of expenditure incurred in relation to abandonment, decommissioning and rehabilitation activities undertaken on a part of a petroleum project

    Registered
    1 August 2016

    Purpose
    To set out whether abandonment, decommissioning and rehabilitation expenditure incurred on a part of a petroleum project prior to a project being completely closed down is characterised as general project expenditure (under section 38) or closing down expenditure (under section 39) of the Petroleum Resource Rent Tax Assessment Act 1987.

    Expected completion
    31 January 2018

    Comments
    See also finalised consultation matters [201640] and [201641].

    As a result of stakeholder feedback, the subject matter of two proposed draft tax determinations (ID 3871 and 3878) will be combined into this draft taxation ruling.

    Last modified: 16 Nov 2017QC 50321