An entity that has an interest in an exploration permit, retention lease or petroleum project needs to keep records of its PRRT affairs. Record-keeping requirements are broadly similar to those under other tax laws we administer.
As PRRT is assessed on a project basis, an entity should keep separate records for each of its interests. These records are needed to work out the current or future PRRT liability for those interests.
There have been changes to the rules for classification and augmentation of undeducted expenditure incurred after 30 June 2019. It is important you keep accurate records to ensure the correct classification and augmentation of expenditure incurred prior to and after the date of effect of these changes.
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An entity that has an interest in an exploration permit, retention lease or petroleum project needs to keep records of its petroleum resource rent tax (PRRT) affairs.