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PRRT_assist@Deloitte – PRRT Basics Workshop

Tax event | April 2013

Tax event
Event name: PRRT_assist@Deloitte – PRRT Basics Workshop
Event date: Tuesday, 16 April 2013
Event time: 1:45 p.m. for 2:00 p.m. commencement.
Session ends at approximately 5:00 p.m.
Location: Deloitte, Perth
Address: Level 14,
240 St Georges Terrace,
Perth, WA 6000
Speakers and hosts: Harold Payne - Partner
Kenneth Wee - Partner
Jonathan Schneider - Partner
Food and beverage: Afternoon tea provided.
Please advise Leisha Fontana of any dietary requirements when registering.
Enquiries: Leisha Fontana
Tel: +61 8 9365 7245
RSVP: PRRT Basics Workshop
Cost: $198 (inclusive of GST)
20% discount on total registration fees when two or more registrations are received from the same organisation.

Background

From 1 July 2012, the extended PRRT regime commenced applying to the onshore oil and gas (O&G) sector. All Australian onshore and offshore O&G taxpayers will now need to comply with the requirements of the PRRT legislation.

Whether you are operating in the regime for the first time or you are already in the regime but wish to stay on top of current PRRT issues and developments, this practical, hands-on, foundation-level workshop aimed at finance, accounting and tax personnel responsible for attending to PRRT compliance obligations will equip you with the tools you need. The workshop will be run within a classroom-style setting to facilitate participant interaction and uses practical case studies and practice exercises to illustrate the fundamental operation of the PRRT rules.

The session will cover the following areas:

  • Fundamental PRRT concepts and principles
  • Project definition 
  • PRRT calculation methodology
  • Assessable receipts
  • Deductible expenditure
  • Carry forward and augmentation of unused expenditure
  • Transferability of expenditure
  • Transferring interests in petroleum projects, including farm-in/farm-out
  • Compliance timetable and administrative requirements
  • Overview of how to complete key PRRT forms
  • Transitional period obligations for onshore PRRT projects
  • Overview of the Residual Pricing Methodology for integrated gas-to-liquids projects
  • Topical PRRT issues, including recent PRRT rulings and judgements
  • Some common tricks and traps
  • Tax provision and deferred tax accounting calculations for the PRRT
  • Record-keeping requirements and joint venture matters.

Learning materials will be provided to participants and there will be ample opportunity for questions during the workshop.

We look forward to seeing you.

Already have the basics? Click here to register for our advanced PRRT course on the Residual Pricing Methodology for integrated gas-to-liquids projects.

Presenter Profiles:

Harold Payne, Partner
Harold has 30 years’ tax consulting experience, specialising in advising clients on cross-border transactions and has assisted a number of oil and gas companies with PRRT compliance and planning, development and review of PRRT models, PRRT due diligence, advising on PRRT issues in M&A transactions, assisting in ATO PRRT audits and PRRT advocacy.

Kenneth Wee, Partner
Kenneth has more than 10 years’ experience in providing PRRT advice to a range of multinational oil and gas clients, including assisting clients with PRRT compliance, reviewing PRRT and RPM models, undertaking PRRT due diligence and providing technical PRRT advice on major transactions and GTL project structures. Kenneth has been closely involved in the extension of the PRRT regime to the onshore petroleum sector.

Jonathan Schneider, Partner
Jonathan has more than 10 years’ experience in providing extensive Australian taxation advice on international corporate structures, cross-border transactions, profit repatriation and acquisitions of major Australian oil and gas assets by multinational companies, as well as the application of the PRRT.

 

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