Read these instructions before completing the Notification of transfer of petroleum resource rent tax (PRRT) exploration expenditure (PDF, 199KB) This link will download a file(NAT 9849a).
Complete a separate notification for the entity's interest in each petroleum project to which the transferring entity is transferring exploration expenditure.
All amounts on the notification need to be expressed in Australian dollars. Round down to whole-dollar amounts (do not include cents).
Find out about:
- refer to Transfers of PRRT exploration expenditure
- visit our website ato.gov.au/prrt
- phone us on 13 28 66 between 8.00am and 6.00pm, Monday to Friday
refer to the Petroleum Resource Rent Tax Assessment Act 1987.
The year of tax for PRRT begins on 1 July and ends on 30 June the following year.
Exploration expenditure can only be transferred if the common ownership tests are satisfied from the time the expenditure was incurred to the date of transfer.
Section A: Transferring entity information
Insert the information of the entity that is transferring the exploration expenditure (the transferring entity).
Insert the following information – the transferring entity's:
- Australian business number (ABN) at question 1
- legal name at question 2.
Section B: Receiving entity and project information
Insert the entity information of the entity with the interest in the petroleum project to which the exploration expenditure is being transferred (the receiving entity).
For a project to be eligible to receive transferred exploration expenditure, it needs to have a notional taxable profit against which the transferred expenditure can be offset.
Insert the following information – the receiving entity's:
- Australian business number (ABN) at question 3
- legal name at question 4.
The transferring and receiving entity details will be the same if the entity is transferring exploration expenditure from one or more of its interests in an exploration permit, retention lease, petroleum project or combined project to another of its petroleum projects. You should still provide the entity details at questions 3 and 4.
Question 5: Does the receiving project have a PRRT registration number?
If the petroleum project does not yet have a registration number, place an X in the 'No' box. If the interest in the petroleum project is an interest in:
- a production licence, place an X in the 'Production licence' box and insert the production licence number in the 'Production licence or combination certificate number' box
- a combined project, place an X in the 'Combined project' box and insert the combination certificate number in the 'Production licence or combination certificate number' box.
If there is no combination certificate number on the combination certificate, insert the first production licence number listed on the combination certificate.
If the interest in the petroleum project is an interest in the North West Shelf project or Bass Strait project, place an X in the 'Production licence' box and leave the 'Production licence or combination certificate number' box blank.
If the entity has a PRRT registration number for its interest in the petroleum project, place an X in the 'Yes' box and insert the PRRT registration at question 4.
If the receiving entity has a PRRT registration number for the receiving project, place an X in the 'Yes' box and insert the PRRT registration number.
Section C: Details of exploration expenditure being transferred
Complete one row of section C for each interest in an exploration permit, retention lease, petroleum project or combined project from which exploration expenditure is being transferred.
If the entity is transferring exploration expenditure to the receiving project from more than five petroleum interests, complete and attach as many section Cs as necessary to provide information on all interests which are transferring exploration expenditure to the receiving project.
At the top of the page, insert the number of each section C in the first set of boxes and insert the total number of completed section Cs for this receiving project in the second set of boxes.
Insert at label A the total amount of exploration expenditure incurred by the transferring entity which is being compounded and transferred to the receiving project.
Insert at label B the total amount of compounded exploration expenditure being transferred to the receiving project. That is, the amount shown in label A compounded by the augmented bond rate or GDP factor as applicable.
Find out about:
The amount of exploration expenditure being transferred from a previous year should be compounded by the augmented bond rate or GDP factor as applicable.
To work out whether the augmented bond rate or GDP factor is applicable to compound the expenditure, refer to PRRT deductible expenditure.
If the project from which expenditure is being transferred has a PRRT registration number, insert the PRRT registration number. If there is no PRRT registration number, insert the retention lease number or exploration permit number.
Section D: Declaration
An authorised person or authorised tax agent must sign the declaration on behalf of the entity. The authorised person is generally the person the entity nominated on its Application to register for petroleum resource rent tax (PRRT) (NAT 9847) for the project. If you need to change the authorised contact person, phone us on 13 28 66 between 8.00am and 6.00pm, Monday to Friday, or complete a Change of registration details (NAT 2943).
Insert all details of the authorised person:
- the full name of the signatory
- the position held
- the business phone number.
Read the information at 'Before you sign this form'. If you consent to the declaration, include your signature and the date of signing at the bottom of the notification.
The declaration needs to be signed in pen; otherwise, the notification cannot be recorded as lodged when we receive it.
When to lodge
The due date for lodging the entity's notification of transfer of PRRT exploration expenditure is 29 August following the end of the year to which the notification relates. The notification can be lodged with the PRRT return for the receiving project – this assists with the prompt processing of the return and notification.
As lodgments are completed by mail, remember to post the notification in time for us to receive it by the due date.
What to do if you can't lodge on time
You should phone us on 13 28 66 between 8.00am and 6.00pm, Monday to Friday, to check whether alternative arrangements can be made. A penalty may be applied if you fail to lodge on time.
Find out about:
Administrative approach to PRRT
How to lodge
Make a copy of this notification and any attachments for your own records before you mail it to:
Australian Taxation Office
PO Box 3130
PENRITH NSW 2740
There may be a delay in processing forms if the entity has not registered this project for PRRT. To register, complete an Application to register for petroleum resource rent tax (PRRT) (NAT 9847).
Record keeping
You should keep a copy of the notification of transfer of PRRT exploration expenditure and the records used to prepare it for at least seven years from the date of lodgment. The records should be in English, or readily accessible and easily convertible into English.
Find out about:
Instructions for completing the notification of transfer of petroleum resource rent tax (PRRT) exploration expenditure.