28 Aug 088 PRRT: Treatment of geosequestration expenditure and receipts - TR 2008/6This final Ruling was issued on 27 August 2008. It was previously released in draft form as TR 2008/D2: see 2008 TAXVINE No 6 (11) (22 February 2008).
The Ruling considers the circumstances when expenditure and receipts related to geological sequestration are deductible expenditure and assessable receipts respectively for the purposes of ascertaining taxable profit under the PRRTAA and so ascertaining liability for PRRT. The Ruling also describes income tax consequences of expenditure on geological sequestration generally (that is, not just in relation to PRRT projects) under ss 8-1, 40-735 (mining site rehabilitation) and 40-755 (environmental protection activities) of ITAA 1997.
For a copy of TR 2008/6, go here