Australia: Updates to taxation ruling related to “exploration of petroleum” for purposes of petroleum resource rent tax

Update will apply to all expenditures incurred from August 21, 2013

July 30, 2024

Following passage of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (read TaxNewsFlash), the Australian Taxation Office (ATO) announced it is updating its taxation ruling TR 2014/9 to reflect the law’s clarification for purposes of the petroleum resource rent tax (PRRT) that “exploration for petroleum” is limited to the “discovery and identification of the existence, extent, and nature of the petroleum resource” and does not extend to “activities and feasibility studies directed at evaluating whether the resource is commercially recoverable.”

The update will apply to all expenditures incurred from August 21, 2013.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's . Privacy Statement

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline