PRRT is payable on the profits (taxable profit) made from a petroleum project. The tax is project-based, which means that at the end of the year of tax, an entity initially calculates its PRRT liability separately for each project interest it holds.
A petroleum project exists if a production licence is in force, but an entity is not liable to pay PRRT for a specific project interest until it has a taxable profit.
A PRRT entity makes 4 payments a year; 3 cumulative instalments and a fourth payment with the lodgment of its PRRT return. Instalments are due by 21 October, 21 January and 21 April each year. The final payment (if any) is due by 29 August, when the PRRT return is also due, unless we allow further time to lodge. For information about this process see Lodging, reporting and paying for PRRT.
For a year beginning on or after 1 July 2024, the PRRT instalments regime for the PRRT deductions cap will apply to an entity for a petroleum project or a Greater Sunrise project.