The Petroleum Resource Rent Tax Assessment Act 1987 (PRRTAA) allows for a payment to be apportioned. This is to the extent to which it is made in carrying on or providing the operations, facilities and other things in relation to a petroleum project (project activities).
This information provides an overview of:
- when an entity may need to apportion a payment in order to work out the extent to which it is deductible expenditure
- practices that may help an entity apportion its payments
- record-keeping obligations, including business records that may be sufficient to meet the substantiation requirements for PRRT purposes.
See also: