Petroleum Resource Rent Tax Assessment Act 1987
In plain English
This Act sets rules for taxing profits from petroleum resource activities, like oil and gas extraction.
The Petroleum Resource Rent Tax Assessment Act 1987 establishes a system for assessing and collecting Petroleum Resource Rent Tax. It applies to entities involved in petroleum resource activities. The Act outlines how these activities are defined and how taxable profits are calculated. It came into force in 1987.
Why it matters
If your business explores for, produces, or sells petroleum resources, this Act is relevant. Understand your obligations to avoid potential compliance issues.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Summary
40% PRRT on offshore + Bass Strait onshore petroleum project profits. Substantially reformed 2023 (deductible expenditure cap from 1 July 2024).
Topics
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Source: https://www.legislation.gov.au/Series/C2004A03386. Rules Mate summarises and links; we don't republish full statutory text. Always verify against the live source before acting.