Royalty assessments and reassessments

When you lodge a royalty return for a period, an assessment is made even if your liability is nil.

Default assessments

If a royalty return is not lodged, we can still make an assessment (a default assessment) for the amount we reasonably believe to be your liability for the return period.

If we make a default assessment, you will also be liable for a penalty of 75% of the royalty assessed plus interest. A late lodgement fee will also apply, even if there is no royalty payable for the period.

Reassessments

When your liability has been incorrectly assessed, we can make a royalty reassessment for the correct amount.

Generally, reassessments must be made within 5 years of the original assessment.

You must tell us within 30 days if you become aware that an assessment or reassessment was not, or is no longer, correct and the liability has been understated as a result.

If you think your royalty liability has been assessed incorrectly, you can request a reassessment. There are 2 ways you can do this.

• Option 1: Request a reassessment in QRO Online (see the steps to request a reassessment).
• Option 2: Send an email to royalty@treasury.qld.gov.au explaining why you are asking for a reassessment and include supporting documents.

Refunds

If the reassessment decreases your liability and you have overpaid, we will apply the overpayment to any outstanding liabilities you currently have or may incur in a future period.

Also consider…

• Find out about complying with royalty obligations.
• Learn more about reassessments under section 17 of the Taxation Administration Act 2001.
• Find out how to update your bank details in QRO Online.