NTLG Resource Rent Tax Sub-committee
View meeting updates below:
Resource Rent Tax working group (Previously known as NTLG RRT sub-committee)
On 7 November 2013 the Resource Rent Tax working Group (previously known as the NTLG RRT sub-committee) met. James Strong, Rod Henderson and Susan Franks represented the Institute at this meeting. The following matters were discussed:
- The impact that the proposed repeal of the minerals resource rent tax (MRRT) will have on the RRT working group and ATO resource allocation in relation to the mining industry which is broader than just MRRT
- The impact that the proposed repeal of the MRRT will have on various documents that the ATO was preparing for publication in relation to the MRRT
- An update on the petroleum resource rent tax (PRRT) exploration expenditure draft ruling and associated discussion paper
- An update regarding ATO developments concerning PRRT deductible expenditure.
NTLG Resource Rent Tax meetings on 1 and 3 July 2013
On 1 and 3 July 2013, the NTLG Resource Rent Tax met to discuss guidance material regarding revenue recognition and a variety of administrative issues. The Institute was represented at these meetings by James Strong, Rod Hendersen and Brendan Rynne.
Topics discussed included:
- Guidance material concerning how to determine mining revenue
- PRRT deductible expenditure
- 2013-14 return lodgements for MRRT and PRRT
- Update on a sub-committee regarding PRRT exploration expenditure
- Administrative approach to starting base returns.
NTLG Resource Rent Tax Sub-committee meeting on 28 February 2013
Rod Henderson, James Strong and James O’Reilly represented the Institute at the NTLG Resource Rent Tax Sub-committee meeting on 28 February 2013. The following matters were discussed:
- ATO involvements in recent and future meetings with industry and the tax profession
- Petroleum Resource Rent Tax (PRRT) exploration expenditure working group update
- PRRT deductible expenditure – an update on the Esso decision and a discussion about the look back method for the PRRT starting base
- PRRT – transfers occurring prior to 1 July 2012
- Nil rate determinations for 2014
- Further advice on starting base regarding the effective life and further time to lodge starting base returns
- Dispute resolution strategy working group
- Implementation reviews – report on initial results
- Information collection working group report
- Mining revenue working group update and report
- Guidance and rulings program update.
NTLG Resource Rent Tax Sub-committee meeting on 25 July 2012
On 25 July 2012, Rod Henderson (KPMG) and James Strong (PwC) represented the Institute at the NTLG Resource Rent Tax sub-committee meeting. Some of the issues discussed include:
- Apportionment of MRRT expenditure
- Form design working group update
- Information collection strategy
- Reducing uncertainty under the new RRT arrangements (ACA and APA).
NTLG Resource Rent Tax Sub-committee meeting on 23 May 2012
On 23 May 2012, Rod Henderson (KPMG) and James Strong (PwC) represented the Institute at the NTLG Resource Rent Tax sub-committee. Some of the topics discussed during the meeting include:
- Pre-lodgement Mineral Resource Rent Tax (MRRT) risk review
- Calculation of mining revenue and the arm’s length principle
- General lodgement and compliance issues
- Dispute resolution strategy
- Nil rate determination
- ATO forward work plan.
NTLG Resource Rent Tax sub-committee meeting on 14 December 2011
On 14 December 2011, Rod Henderson and Catherine Dean, represented the Institute at the NTLG Resource Rent Tax sub-committee. At this meeting the following issues were discussed.
- Minerals Resource Rent Tax (MRRT) instalments
- MRRT registration and consolidations form
- MRRT instalment liability notice
- MRRT return and starting base return lodgement dates
- Administrative penalties for false and misleading statements or positions which are not reasonably arguable.
NTLG RRT committee meeting on 19 October 2011
On 19 October 2011, Rod Henderson and James Strong represented the Institute at a meeting of the NTLG RRT subcommittee.
The meeting discussed the ATO’s proposed early guidance papers regarding Petroleum Resource Rent Tax (PRRT) and Minerals Resource Rent Tax (MRRT) starting base and valuation and the PRRT look back starting base methodology. It also discussed the proposed MRRT instalment form and general lodgement and compliance issues.
NTLG Resource Rent Tax sub-committee meeting on 17 August 2011
On 17 August 2011 Susan Franks and Catherine Deane (standing in for James Strong) represented the Institute at the NTLG Resource Rent Tax sub-committee meeting.
Issues discussed included:
- Market value for starting base assets
- Measuring market value of property, plant and equipment
- Starting base valuation risk factors
- Record keeping for starting base
- Determining market value of an interest in a petroleum project
- Joint venture audits
- Issues faced by small producers and explorers
NTLG resource rent tax subcommittee meeting 6 July 2011
On 6 July 2011 there was a NTLG RRT meeting. Larras Moore, James Strong and Susan Franks represented the Institute. Revised early guidance regarding valuations was discussed, among other matters.
Other matters discussed included:
- Allocation of costs
- Joint ventures
- Administration for small producers
- Advance products to reduce uncertainty
- Electronic dealings
NTLG MRRT joint venture working group meeting 16 June 2011
On 16 June 2011 the NTLG MRRT joint venture working group met for the first time to discuss concerns regarding how the administrative aspects of a MRRT will apply to joint ventures.
James Strong (PwC), Larras Moore (BDO), Rod Henderson (KPMG) and Susan Franks of the Institute attended the meeting on behalf of the Institute.
NTLG resource rent tax subcommittee meeting 25 May 2011
On 25 May 2011, Susan Franks of the Institute, attended the NTLG resource rent tax subcommittee meeting. At this meeting, the proposed approach by the ATO to the allocation of costs at the taxing point between upstream and downstream assets was discussed.
NTLG resource rent tax subcommittee meeting 4 May 2011
The resource rent tax subcommittee of the National Tax Liaison Group met on 4 May 2011. Discussion centred around confidential early guidance material on the valuation of the starting base. James Strong (PwC), Larras Moore (BDO) and Susan Franks attended this teleconference on behalf of the Institute.