Petroleum Resource Rent Tax (PRRT)
40% PRRT on offshore + onshore (Bass Strait only) petroleum project profits.
highcurrentannual
Who must comply
Offshore petroleum project participants; onshore Bass Strait projects.
What triggers it
Petroleum project + receipt of receipts.
When due
Annual returns + quarterly instalments.
Evidence required
Project accounts + expenditure register + carrying forward.
Max penalty
—
Summary
Petroleum Resource Rent Tax Assessment Act 1987. 40% tax on project profits with carry-forward of unrecovered expenditure. 2023 reforms (deductible expenditure cap from 1 July 2024) accelerate tax receipts.
Enforced by
Source legislation
Topics
taxmining-resources
Source: https://ato.gov.au/businesses-and-organisations/petroleum-resource-rent-tax. Rules Mate is not a law firm. Always verify against the live regulator source before acting.