Australia Tax Agency Issues Guidance on PRRT Calculations, Recordkeeping

The Australian Taxation Office Oct. 22 updated five guides on the petroleum resource rent tax (PRRT) for taxpayers with interests in petroleum projects, exploration permits, or retention leases. The guides explain: 1) PRRT assessible and non-assessible receipts for revenue and capital; 2) deductible expenditures, including real expenditures eligible for carry-forward; 3) PRRT treatment of joint ventures, including operator and participant privacy, documentation, and penalties for due diligence failures; 4) tax registration for projects subject to PRRT, and the quarterly and annual filing and payment requirements; and 5) the 7-year recordkeeping requirement, including records on individual interest for joint ventures. [Australia, ...