Voluntary disclosures for mining and petroleum royalty
As a resource authority holder, you should make a voluntary disclosure if you have understated your royalty liability for a previous period.
A voluntary disclosure is when you tell us, in writing, that you’ve failed to comply with an obligation under a tax law. You are obliged to notify the Commissioner of State Revenue within 30 days of becoming aware of non-compliance. If you contact us to make a voluntary disclosure before we investigate, you might avoid penalty tax.
An automatic penalty of 75% will be imposed on understated royalty, though we can remit this penalty in part or in full. When deciding this, we’ll consider the timing of the voluntary disclosure, the reasons for the understatement of the liability and to what extent the resource authority holder is responsible.
Unpaid interest is also imposed where royalty has been understated, but this may be remitted in part or in full in limited circumstances.
See the following rulings for more information:
- Public ruling on remission of unpaid tax interest (TAA060.1)
- Public ruling on penalty tax (TAA060.2)
- Royalty ruling on remission of royalty penalty (ROY003)
- Royalty ruing on unpaid royalty interest (ROY002).
If you think that you may have understated a previous royalty liability, phone us on 1300 300 734 or email royalty@treasury.qld.gov.au.