Details

  • Service: Tax, Special Interests, Tax Reform, Resource Taxation
  • Industry: Energy & Natural Resources, Energy & Mining Services, 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.
Tax opportunities cover
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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.
 

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Resource Taxation

Resource Taxation
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