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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.

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