Australia

Details

  • Service: Tax, Topics, Tax Reform, Resource Taxation
  • Industry: Energy & Natural Resources, Mining, Oil & Gas
  • Type: Business and industry issue
  • Date: 1/04/2011

Tax opportunities to bring value to oil and gas companies 

The proposed extension of the petroleum resource rent tax (PRRT) from 1 July 2012 presents a number of challenges for Australia’s oil and gas industry. This paper will provide an understanding of some of the broader tax challenges and opportunities facing the industry.

Key insights

  • Taxpayers transitioning to PRRT must establish internal systems which facilitate the ongoing PRRT compliance obligations.
  • The distinction between the exploration and development phase of a petroleum project.
  • Tax treatment of residual pricing arrangements.
  • The upcoming Tax Forum provides industry with an opportunity to contribute to the reform of Australia’s tax system.
 

Resource Taxation

Resource Taxation
We look at the resource tax landscape which is experiencing significant change with the repeal of the MRRT and amendments to the PRRT.

Oil & Gas

KPMG offers a range of services with access to global resources to address issues faced by the oil and gas industry.

Tax

Our Tax Team assists with corporate tax, transfer pricing, indirect tax, international executive services, R&D incentives, superannuation and more.