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
Related obligations
- CWLTHState mining royaltiesRoyalty payable on mining production per state Mining Acts.
- CWLTHAustralian Business Number (ABN) applicationEntities carrying on an enterprise in Australia need an ABN — without one, payers must withhold 47% PAYG from your payments. How to apply and who's eligible.
- CWLTHLodge Business Activity Statements at assigned frequencyGST-registered entities must lodge a BAS monthly, quarterly or annually as the ATO assigns.
- CWLTHMake trustee resolutions for trust distributions by 30 JuneDiscretionary trust trustees must validly resolve to distribute trust income before the end of the FY.
- CWLTHWithhold PAYG from employee and contractor paymentsEmployers must withhold tax from wages, certain contractor payments + report via STP / BAS.
- CWLTHPay company PAYG/GST/SG or face Director Penalty Notice (DPN)Directors personally liable for unpaid company PAYG, GST + SG via DPN regime.
Frequently asked questions
- Who must comply with Petroleum Resource Rent Tax (PRRT)?
- Offshore petroleum project participants; onshore Bass Strait projects.
- What triggers Petroleum Resource Rent Tax (PRRT)?
- Petroleum project + receipt of receipts.
- When is Petroleum Resource Rent Tax (PRRT) due?
- Annual returns + quarterly instalments.
- What evidence is required for Petroleum Resource Rent Tax (PRRT)?
- Project accounts + expenditure register + carrying forward.
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.