If your business is required to pay petroleum resource rent tax (PRRT), you need to keep records of your PRRT affairs.

If you hold interests in exploration permits and retention leases, you should also keep records to meet future PRRT obligations.

How long you need to keep petroleum resource rent tax records

You need to keep PRRT records for 7 years starting from when you prepared or obtained the records, or when you completed the transactions the records relate to, whichever is later. With PRRT, there are often many years between expenses being incurred and those expenses being claimed.