The Australian Taxation Office (ATO) has published guidance on the Offshore Petroleum Levy (OP Levy), which was approved in April 2022 and will be temporarily levied on offshore petroleum production for the financial years beginning 1 July 2021 through to 1 July 2029. The ATO has also published instructions for lodging an OP Levy return and a best practice framework for the OP Levy.
The main overview of the OP Levy provided in the guidance includes the following:
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Offshore Petroleum…