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CCH and Jet Financial team up to help customers with Petroleum Resource Rent Tax (PRRT) reporting and compliance
 

More oil and gas companies are now affected by the expansion of the Federal Government’s PRRT legislation. Together, CCH Integrator software and Jet Financial’s PRRT software will ease compliance burdens.

Sydney, Australia (11 April, 2013) CCH, a Wolters Kluwer business and global leader in integrated risk, compliance and reporting solutions for professionals is partnering with industry consulting and technology firm Jet Financial as the preferred Petroleum Resource Rent Tax (PRRT) software integration partner for its market-leading CCH Integrator software.

The integration with Jet Financial’s best-of-breed PRRT solution positions CCH as the only provider in the market that can offer a comprehensive tax reporting and “whole of Resource Rent Tax” solution.

CCH Integrator, already being used by hundreds of corporations nationally and internationally, enables tax, finance and accounting professionals to meet stringent reporting requirements. Managing Director of CCH Corporate Reporting Solutions Peter Boyle said the partnership results in the integration of two best-practice solutions.

“CCH’s easy-to-use, highly scalable corporate reporting platform, CCH Integrator and Jet Financial’s tax solution and robust PRRT calculation software take the complexity out of compliance and largely automate it. Jet Financial enables clients to accurately calculate, track and report their PRRT information through the years with minimised operational risk and the security of an enterprise-grade solution.

“This is why CCH and Jet Financial are partnering: We are meeting with many major oil and gas companies who have expressed a keen interest in both Jet Financial’s PRRT software products and the ability to integrate with their existing tax technology, CCH Integrator. CCH Integrator is an established corporate reporting tool that has been used for taxation and compliance reporting for over 10 years and helps manage risk by providing auditability, traceability, change control, and approvals and a single-source of truth.

“It is challenging to tailor a corporate reporting solution to every single industry equally well, however CCH is clearly proving the solution provider of choice ahead of other options,” Boyle explained.

CCH Integrator is built on a single and established technology platform. It requires only minimal training and takes the user a matter of minutes to be up and running. It is not a spreadsheet-based solution like many other solutions which is why our clients are making the successful switch to CCH’s market-leading CCH Integrator software.”

Jet Financial Director, Simon Raper said notwithstanding CCH’s recent positive press, his organisation interviewed two key players and decided that the best-fitting technological solution was CCH Integrator.

“We needed a big name behind Jet Financial’s PRRT software. The combination of our PRRT software and CCH’s Integrator platform represents a comprehensive tax reporting and Petroleum Resource Rent Tax solution,” he explained.

“Some of the leading energy and resource companies are using CCH Integrator already and are familiar with Jet Financial’s PRRT software. Adding value to clients by enabling them to further leverage their existing tax platform whilst providing specialist, industry-leading PRRT software was the driver for Jet Financial and CCH to join forces,” Raper added.

Together, CCH and Jet Financial will help clients:

  • lower overall cost of meeting the compliance requirements;

  • reduce the risk of not complying; and

  • improve the ongoing quality of data.

- Ends -

For more information, please contact:

Greg Conway
Senior Communications Coordinator, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | Mb: +61 (0)408 290 412 | greg.conway@cch.com.au

Peter Boyle
Managing Director, CCH Corporate Reporting Solutions, Wolters Kluwer Asia Pacific
T: +61 3 9648 8960 | peter.boyle@cch.com.au

Simon Raper
Director, Jet Financial
Mb: +61 414 907 447 | simon.raper@jetfinancial.com.au

David Faustmann
Director, Jet Financial
Mb: +61 402 323 480 | david.faustmann@jetfinancial.com.au

About CCH Integrator
CCH Integrator is a highly scalable, secure corporate reporting platform designed to integrate all aspects of the compliance process from collection and calculation through to reporting and delivery within the ONE integrated web (cloud) platform.

Trusted by hundreds of corporations in Australia and around the world, including 9 of the 10 leading financial institutions in Australia, CCH Integrator is designed to increase visibility, lower risk, and improve accuracy and efficiency for corporate tax and accounting professionals.

To learn more about CCH Integrator:
Contact a CCH account representative via Freecall 1300 342 501 (from within Australia); Freecall 0800 452 333 (from within New Zealand); or via email: software@cch.com.au.

About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2012) €3.4 billion ($4.6 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.

About Jet Financial’s PRRT software
Jet Financial has developed a number of market leading PRRT products which together enable clients to calculate their PRRT, manage their transfers of exploration expenditure and fulfil their PRRT compliance and reporting obligations. The PRRT products cater for both onshore and offshore projects. All business logic is securely stored within the database, removing the risk associated with manual solutions.

About Jet Financial
Jet Financial (www.jetfinancial.com.au) provides finance based business Consulting Services. Jet specialises  in business processes and technology associated with tax, finance and risk for the banking, financial services and resources industries.

Jet’s experience has included system and process change and improvement, data migrations to new platforms, upgrades to existing platforms and the design and implementation of new systems and processes .

About PRRT
The Petroleum Resource Rent Tax (PRRT) began in 1987 when it was applied to many offshore petroleum projects. It has applied to the Bass Strait Project since 1990 and, from 1 July 2012, applied to onshore petroleum projects and the North West Shelf project but not the Joint Petroleum Development Area in the Timor Sea.

Taxpayers may be affected by PRRT if they are entitled to receipts from the sale of petroleum or marketable petroleum commodities produced from petroleum recovered from an area covered by an exploration permit, retention lease or production licence.

Forward-looking Statements
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behaviour of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
 
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