Voluntary disclosures for royalties
As a resource authority holder, you should make a voluntary disclosure if they have understated their royalty liability for a previous period.
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 will 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 royalty 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 royalty rulings for more information:
If you think that you may have understated a previous royalty liability, call us on 1300 300 734 or email firstname.lastname@example.org.