Royalty assessments and reassessments
When a royalty return is lodged for a return period, we must assess your royalty liability, even if it is nil. If a royalty return is not lodged, we can still make an assessment (a default assessment) if we are satisfied that there is a 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.
When your royalty liability has been incorrectly assessed, we can make a reassessment for the correct amount.
Generally reassessments will need to be made within 5 years of the original assessment.
If you think your royalty liability has been assessed incorrectly, you can request a reassessment. You can either:
- do this in OSR Online (see the steps to request a reassessment)
- send an email to firstname.lastname@example.org explaining why you are asking for a reassessment and include supporting documents.
You need to 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.
- Find out about complying with royalty obligations.