• Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 4/7/2014

Australia - Petroleum resource rent tax; stamp duty valuation 

April 7: The KPMG member firm in Australia prepared reports on the following developments (read the April 2014 reports by clicking on the hyperlinks provided below):
  • Continued uncertainty and compliance for PRRT taxpayers - The treatment of expenditure for petroleum resource rent tax (PRRT) purposes continues to be an area of uncertainty for the Australian oil and gas industry. The Australian Taxation Office (ATO) recently published an overview of when it may be necessary to apportion procured service payments and guidance on practices that may assist taxpayers to apportion payments.

    Read an April 2014 report.

  • Stamp duty valuation - Taxpayers need to consider whether there is full value for money spent on a stamp duty valuation. Valuations are often obtained by the purchaser of an enterprise to support the payment of stamp duty on the assets. The vendor, meanwhile, may want a valuation to support its Taxable Australian Real Property (TARP) analysis. Because of multiple, possibly divergent considerations, it may be prudent to plan the valuation scope.

    Read an April 2014 report.

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