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Learn moreATO update on the petroleum resource rent tax (PRRT) deductions
The Australian Taxation Office (ATO) has published an update on the petroleum resource rent tax (PRRT) deductions cap, which is effective from 1 July 2023.
The ATO advises businesses “involved in petroleum projects that produce liquefied natural gas” to understand how the deductions cap applies to them and the specific conditions they need to meet.
If the cap applies, businesses will have a taxable profit of 10% of the assessable receipts derived from the project in the relevant tax year, limiting deductible expenditure to 90% of the project’s assessable receipts in that tax year.
Projects won't be subject to the cap until seven years after the year of first production or 1 July 2023, whichever is later.
Read the ATO release (5 June 2024)
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