Australian Oil and Gas Companies are subject to income tax with the imposed rate of 30%. Non-residents companies are also subject to the same income tax rate, unless they have a special offer or under a treaty.
There are many ways of lodging a online tax return. The tax return online can be lodged through the specialist accounting services, however the complexity of the oil and gas activities require a more thorough approach with usually an entire accounting departments taking care about company accounting and taxation matters.
Taxable income consists of ordinary, statutory and capital gains minus allowable deduction incurred while deriving assessable taxable income.
The biggest expense item in oil and gas companies are the exploration costs. They are deductible in the year they have been incurred while mining for petroleum, its exploration or prospecting.