Minerals Resource Rent Tax Act 2012 (Cth)
This is a compilation of the
This compilation was prepared on 7 October 2013.
The notes at the end of this compilation (the
If a provision of the compiled Act is affected by an uncommenced amendment, the text of the uncommenced amendment is set out in the endnotes.
If the operation of an amendment is affected by an application, saving or transitional provision, the provision is identified in the endnotes.
If a provision of the compiled Act is affected by a textual modification that is in force, the text of the modifying provision is set out in the endnotes.
If a provision of the compiled Act has expired or otherwise ceased to have effect in accordance with a provision of the Act, details of the provision are set out in the endnotes.
Contents
This Act may be cited as the
Minerals Resource Rent Tax Act 2012 .
This Act commences on 1 July 2012.
The object of this Act is to ensure that the Australian community receives an adequate return for its *taxable resources, having regard to:
(a) the inherent value of the resources; and
(b) the non‑renewable nature of the resources; and
(c) the extent to which the resources are subject to Commonwealth, State and Territory royalties.
This Act does this by taxing above normal profits made by miners (also known as economic rents) that are reasonably attributable to the resources in the form and place they were in when extracted.
The Commissioner has the general administration of this Act.
Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations in Division 355 in Schedule 1 to the
Taxation Administration Act 1953 .
The *MRRT law extends to every external Territory other than the Australian Antarctic Territory.
The *MRRT law extends to acts, omissions, matters and things outside *Australia (except where a contrary intention appears).
This Act works out a miner’s MRRT liability on mining profits made from extracting taxable resources (mainly coal and iron ore) for a mining project interest for a year.
A mining project interest is principally a share of the output of an undertaking to extract taxable resources. Mining profit consists of mining revenue less mining expenditure. The sum of the miner’s mining profits for its interests are taxed at the MRRT rate.
Mining revenue is mainly that part of the revenue the miner makes from supplying, exporting or using extracted taxable resources (or things produced from them) that reasonably relates to the form and place the resources were in at their valuation point (usually when leaving the run‑of‑mine stockpile).
Mining expenditure is mainly the costs of finding and extracting the taxable resources and getting them to their valuation point.
Mining profit may be reduced by allowances for past losses, for the miner’s existing investments at 2 May 2010 (called a starting base allowance), and for the miner’s Commonwealth, State and Territory mining royalty amounts. Some allowances can be transferred to other mining project interests to reduce their mining profits.
If the total mining profits of the miner and certain connected entities is $75 million or less, a low‑profit offset will ensure that the miner has no liability for MRRT. The offset is phased‑out for profits between $75 million and $125 million.
(1) This Act is arranged in a way that reflects the principle of moving from the general case to the particular.
(2) In this respect, the conceptual structure of the Act is something like a pyramid. The pyramid shape illustrates the way the MRRT law is organised, moving down from the central or core provisions at the top of the pyramid, to general rules of wide application and then to the more specialised topics.
Note: Provisions relating to the administration of the MRRT and to collection and recovery of amounts of MRRT or instalments of MRRT are contained in Schedule 1 to the
Taxation Administration Act 1953 .
(1) Many of the terms used in the MRRT law are defined.
(2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “*MRRT year”.
(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked.
(2) Terms are not asterisked in the non‑operative material contained in this Act.
Note: The non‑operative material is described in Division 4.
(3) The following basic terms used throughout the Act are not identified with an asterisk:
1 | Commissioner |
2 | extract |
3 | miner |
4 | mining project interest |
5 | MRRT |
Within a definition, the defined term is identified by
bold italics .
(1) In addition to the operative provisions themselves, this Act contains other material to help readers identify accurately and quickly the provisions that are relevant to them and to help them understand those provisions.
(2) This other material falls into 2 main categories, see sections 4‑5 and 4‑10.
(1) One category is the guide in many Divisions. Under the heading “What this Division is about’, a short explanation of the Division appears in boxed text.
(2) Guides form part of this Act but are not operative provisions. In interpreting an operative provision, guides may only be considered for limited purposes. These are set out in subsection 245‑10(2).
The other category consists of material such as notes and examples. These also form part of the Act. They are usually distinguished by font size from the operative provisions, but are not kept separate from them.
10‑1 A miner’s liability for MRRT
10‑5 The MRRT liability for a mining project interest
10‑10 MRRT allowances
10‑15 The effect of low profits on a miner’s liability for MRRT
10‑20 Payment of MRRT
10‑25 MRRT years
A miner is liable to pay MRRT, for an *MRRT year, equal to the sum of its *MRRT liabilities for each of its mining project interests for that year.
Note: For
mining project interests , see Part 2‑2.
Work out the miner’s
MRRT liability for a mining project interest for an *MRRT year as follows:
Method statement Step 1. Work out the miner’s *mining profit for the mining project interest for the *MRRT year.
Note: For the
mining profit , see Part 2‑3.Step 2. Work out the miner’s *MRRT allowances for the mining project interest for the *MRRT year.
Note: For
MRRT allowances , see section 10‑10.Step 3. Subtract the *MRRT allowances from the *mining profit.
Step 4. Multiply the result by the *MRRT rate. This is the miner’s
MRRT liability for the mining project interest for the *MRRT year.
Note 1: For the
MRRT rate , see section 300‑1.Note 2: If the result from step 3 is zero, the miner’s MRRT liability will also be zero.
The
MRRT allowances , and the order in which they are applied in working out *MRRT liabilities, are as follows:
1 | *Royalty allowance | Part 3‑1 |
2 | *Transferred royalty allowance | Part 3‑2 |
3 | *Pre‑mining loss allowance | Part 3‑3 |
4 | *Mining loss allowance | Part 3‑4 |
5 | *Starting base allowance | Part 3‑5 |
6 | *Transferred pre‑mining loss allowance | Part 3‑6 |
7 | *Transferred mining loss allowance | Part 3‑7 |
Note: MRRT allowances are made up of allowance components, up to the amount of the relevant mining profit.
If the miner has an offset under section 45‑5 or 45‑10 for the *MRRT year, the amount of MRRT that the miner must pay for the MRRT year is reduced by the amount of the offset.
Note 1: For low profit offsets, see Part 2‑4.
Note 2: A miner is not liable to pay MRRT for the MRRT year if the miner has chosen to use the simplified MRRT method under Division 200.
The miner must pay to the Commonwealth its *assessed MRRT for the *MRRT year on or before the day on which the assessed MRRT becomes due and payable.
Note 1: For payment of MRRT, see Part 2‑5.
Note 2: Division 115 in Schedule 1 to the
Taxation Administration Act 1953 provides for payment of MRRT by instalments.Note 3: Rehabilitation tax offsets reduce the amount of MRRT that the miner must pay: see section 225‑25.
An
MRRT year is a *financial year starting on or after 1 July 2012.Note: Other accounting periods may be MRRT years if a miner uses, for income tax purposes, an accounting period other than a financial year: see Division 190 (Substituted accounting periods).
The concept of a mining project interest is central to the MRRT. A miner’s liability is based on its MRRT liabilities for each of its mining project interests.
Note: Chapter 4 contains special rules about mining project interests, including combining, transferring and splitting of mining project interests, and their suspension and termination.
Operative provisions 15‑5 When an entity has a
mining project interest 15‑10 Iron ore mining project interests to be kept separate
15‑15 Meaning of
production right 15‑20 Meaning of
project area
Mining project interest arising from a mining venture
(1) An *entity has a
mining project interest to the extent that the entity is entitled to share in the output of a *mining venture in which the entity participates (whether actively or otherwise, and whether alone or with one or more other entities).Note 1: There may be more than one mining venture to extract taxable resources from an area covered by a production right.
Note 2: Changing or renewing a mining venture does not necessarily cause the termination day of a mining project interest: see section 135‑15.
(2) If the *mining venture relates to one or more *production rights, the *entity has a separate
mining project interest in relation to each production right.Example: Scouting Resources participates in a mining venture relating to the extraction of taxable resources from an area covered by 3 production rights. Scouting Resources has 3 mining project interests, one in relation to each production right.
Meaning of mining venture
(3) An undertaking is a
mining venture if the purpose, or a purpose, of the undertaking is:
(a) to extract some or all of the *taxable resources from the area covered by one or more *production rights; and
(b) to produce an output that is a taxable resource extracted under the authority of the production right or rights, or something produced using such a taxable resource.
Example: CheckCo and BelCo enter into a contractual arrangement under which they agree to jointly extract and process iron ore from the whole area covered by a mining lease, and each take an equal share of the ore once it has been pelletised.
Participation in this undertaking gives rise to a mining project interest for each of CheckCo and BelCo, comprising their respective entitlements to share in the pellets produced from the mining venture.
Residual mining project interest
(4) An *entity has a
mining project interest to the extent that:
(a) the entity is entitled to extract *taxable resources from the area covered by a *production right; and
(b) there is no *mining venture, relating to the extraction of those taxable resources, that gives rise to a mining project interest for one or more entities under subsection (1).
Note 1: The start of a mining venture relating to the extraction of those taxable resources is treated as a mining project transfer (if the venture relates to all of the resources), or otherwise, a mining project split: see section 120‑25 (for transfers) or 125‑35 (for splits).
Note 2: Changing or renewing a production right does not necessarily cause the termination day of a mining project interest: see section 135‑10.
Example: LesseeCo holds a mining lease, with a term of 21 years, to extract coal from an area. LesseeCo enters into a sublease with DiggerCo, giving DiggerCo the exclusive right to extract coal from the whole area for a period of 3 years.
LesseeCo has a mining project interest under this subsection comprising its entitlement to extract coal from the area after the expiration of the 3 year sublease.
If there is no mining venture relating to the coal that may be extracted under the sublease, DiggerCo has a mining project interest under this subsection comprising its entitlement to extract the coal under the sublease.
Further entitlements constitute new mining project interest
(5) If, after the *entity becomes entitled as mentioned in subsection (1) or (4), the entity becomes so entitled to a further extent, the entity is taken to have a separate
mining project interest corresponding to that further extent.Note: The separate mining project interests are combined into a single mining project interest under Division 115 if the requirements of that Division are met.
Example: CheckCo and BelCo each have a mining project interest comprising an entitlement to share in the output of a mining venture in which they both participate.
CheckCo transfers its interest in the mining venture to BelCo (Division 120, about transferring mining project interests, applies). BelCo then has a mining project interest comprising the entitlement it acquired from CheckCo to share in the output of the venture. That mining project interest is separate from CheckCo’s original mining project interest.
Royalties not to give rise to mining project interest
(6) To avoid doubt, a *mining royalty or a *private mining royalty is not an output mentioned in subsection (1), unless it is a private mining royalty that is payable in kind.
Example: CheckCo and BelCo each participate in a mining venture that produces pelletised iron ore from the area covered by a production right. Under the contractual arrangement between the parties, CheckCo is entitled to take all the pelletised iron ore, and is required to pay BelCo an amount of money calculated by reference to the quantity of iron ore extracted under the mining venture.
CheckCo has a mining project interest under subsection (1), BelCo does not.
However, if CheckCo was required to pay BelCo in pelletised iron ore, BelCo would also have a mining project interest under subsection (1).
If, apart from this section, a mining project interest would relate to both iron ore and *taxable resources other than iron ore, treat the interest as:
(a) a mining project interest relating to iron ore; and
(b) another mining project interest relating to taxable resources other than iron ore.
(1) A
production right is:
(a) an authority or right (however described) under an *Australian law to extract a *taxable resource from a particular area in *Australia; or
(b) if an authority or right (however described) under an Australian law is not required to extract a taxable resource from a particular area—an interest in an area in *Australia that allows a person to extract a taxable resource from the area.
Examples: The following are some examples of production rights:
(a) a mining lease;
(b) a mining lease subject to environmental approval;
(c) a mining licence.
(2) However, an *exploration right is not a
production right .Note: An exploration right may give rise to a pre‑mining project interest: see section 70‑25.
The
project area for a mining project interest is so much of the area covered by a *production right as is:
(a) for a mining project interest arising under subsection 15‑5(1)—the area to which the *mining venture mentioned in that subsection relates; or
(b) for a mining project interest arising under subsection 15‑5(4)—the area to which the entitlement giving rise to the mining project interest relates.
Note: The project area for a mining project interest may also be, or be part of, the project area for another mining project interest.
The concept of a taxable resource is central to whether an entity has a mining project interest, and to the other concepts (such as mining profits) that govern an entity’s MRRT liabilities.
Operative provisions 20‑5 What are
taxable resources
(1) A
taxable resource is a quantity of any of the following:
(a) iron ore;
(b) coal;
(c) anything produced from a process that results in iron ore or coal being consumed or destroyed without extraction;
(d) coal seam gas extracted as a necessary incident of mining coal.
Example: Gas extracted on an ongoing basis from a coal mine, or a proposed coal mine (if it is not extracted as part of a separate commercial operation) in order to comply with engineering requirements, mine safety laws or environmental conditions would be a taxable resource because its extraction is a necessary incident of mining the coal.
Gas extracted before coal mining begins as part of an independent commercial operation would not be a taxable resource because its extraction would not be a necessary incident of coal mining. Instead, that gas would be subject to taxation under the
Petroleum Resource Rent Tax Assessment Act 1987 .(2) In deciding whether something is a
taxable resource , disregard:
(a) the use to which it is or will be put; and
(b) what is or will be produced from it after extraction.
(3) A quantity of a thing may be a
taxable resource even if its extent is not known (for example, before it is extracted).
A miner’s mining profit is a component of its MRRT liability for a mining project interest for an MRRT year. It is the excess of mining revenue over mining expenditure for the interest for the year.
Operative provisions 25‑5 How to work out the
mining profit for a mining project interest
Work out a miner’s
mining profit for a mining project interest for an *MRRT year as follows:
Method statement Step 1. Work out the miner’s *mining revenue for the mining project interest for the *MRRT year.
Note: For the
mining revenue , see Division 30.Step 2. Work out the miner’s *mining expenditure for the mining project interest for the *MRRT year.
Note: For the
mining expenditure , see Division 35.Step 3. If the *mining revenue exceeds the *mining expenditure, the difference is the miner’s
mining profit for the mining project interest for the *MRRT year.Step 4. If the *mining revenue does not exceed the *mining expenditure, the miner’s
mining profit for the mining project interest for the *MRRT year is zero.
Note: Mining expenditure that exceeds mining revenue is a mining loss that may be applied in working out a mining loss allowance (see Part 3‑4) or a transferred mining loss allowance (see Part 3‑7).
Guide to Division 30
30‑A A miner’s mining revenue
30‑B Revenue from supply, export or use of taxable resources
30‑C Other revenue
30‑D Miscellaneous
A miner’s mining revenue for a mining project interest may consist of revenue from:
(a) taxable resources extracted from the project area for the mining project interest, to the extent that the revenue is reasonably attributable to the taxable resources in the form and place they were in when they were at their valuation point; and
(b) recoupment of mining expenditure relating to the mining project interest; and
(c) compensation for loss of taxable resources for the mining project interest; and
(d) amounts for supply of taxable resources if the amounts are not attributable to particular taxable resources.
30‑5 A miner’s
mining revenue
A miner’s
mining revenue for a mining project interest that the miner has, for an *MRRT year, is the sum of all the amounts that, under this Act, are included in the miner’s mining revenue for that interest for that year.Note: Most of the amounts are covered by this Division. However, the following amounts may also be included in a miner’s mining revenue:
(a) amounts that are in effect recoupment of the value of starting base assets (see section 90‑65);
(b) certain pre‑mining profits (see section 140‑20);
(c) amounts arising as a result of adjustments to take account of changes in circumstances (see Division 160);
(d) amounts arising as a result of balancing adjustment events for starting base assets (see Division 165).
30‑10 When amounts from taxable resources etc. are included in mining revenue
30‑15 Meaning of mining revenue event
30‑20 Meaning of
initial supply 30‑25 Working out amounts to be included
30‑30 Meaning of
arm’s length consideration 30‑35 When supplies are made
An amount is included in a miner’s
mining revenue for a mining project interest for an *MRRT year if:
(a) a *taxable resource has been extracted from the *project area for the mining project interest; and
(b) during the year, a *mining revenue event happens in relation to the taxable resource.
(1) A
mining revenue event happens in relation to a *taxable resource extracted from the *project area for a mining project interest if the miner who has the interest:
(a) makes an *initial supply of the taxable resource, but not after its exportation from *Australia; or
(b) exports the taxable resource from Australia, but not after paragraph (a) has applied to the taxable resource; or
(c) makes an initial supply of or uses, or exports from Australia, something produced using the taxable resource, but not after:
(i) paragraph (a) or (b) has already applied in relation to the taxable resource; or
(ii) this paragraph has already applied in relation to the thing produced using the taxable resource.
Note: There is at least one mining revenue event in relation to each quantity of taxable resource. However, there could only be more than one mining revenue event in relation to a quantity of taxable resource if more than one thing is produced from it.
Example: There are 2 mining revenue events in relation to a quantity of coal if it is extracted then consumed producing both electricity and fly‑ash.
(2) However, a
mining revenue event does not happen for use of a thing produced using a *taxable resource, to the extent that:
(a) the use takes place in the course of operations or activities of a kind mentioned in paragraph 35‑20(1)(a) for the mining project interest; and
(b) those operations or activities do not involve doing anything to, or with, other taxable resources extracted from the *project area for the interest after those other taxable resources reach the form and location they are in when a mining revenue event happens in relation to them; and
(c) the use does not give rise to:
(i) an amount of *mining expenditure for the miner; or
(ii) an amount that is taken into account for the miner under step 2 of the method statement in section 30‑25; or
(iii) an amount that is taken into account for the miner under step 3 of the method statement in section 175‑25 (alternative valuation method).
(1) An
initial supply of a *taxable resource, or something produced using a taxable resource, is the first *supply of the taxable resource or thing a miner makes, disregarding a supply covered by subsection (2).(2) However, a *supply of a *taxable resource, or something produced using such a taxable resource, is not an
initial supply if:
(a) the supply is made between *entities in the course of a *mining venture in relation to which each of the entities has a mining project interest; or
(b) the supply does not result in a change in the ownership of the taxable resource or the thing produced using such a taxable resource.
(1) Work out the amount to be included under section 30‑10, in relation to a *mining revenue event that happens in relation to a *taxable resource, as follows:
Method statement
Step 1. Work out under subsection (2) the revenue amount for the *mining revenue event.
Step 2. Using the method that satisfies subsection (3), work out how much of that revenue amount is reasonably attributable to the *taxable resource:
(a) in the form in which it existed when it was at its *valuation point; and
(b) at the place where it was located when it was at its valuation point.
The amount worked out under this step is the amount to be included under section 30‑10.
Revenue amount
(2) The revenue amount mentioned in step 1 of the method statement in subsection (1) is:
1 | A *supply of the *taxable resource, or a thing produced using the taxable resource | The consideration received or receivable for the supply |
2 | An exportation from *Australia of the *taxable resource, or a thing produced using the taxable resource | What would be the *arm’s length consideration for a *supply of the taxable resource or thing at the time and place the taxable resource or thing is loaded for export |
3 | Use of a thing produced from the *taxable resource | What would be the *arm’s length consideration for a *supply of the thing at the time and place of the use. |
Note: Supplies covered by item 1 of the table that are not at arm’s length may, in appropriate cases, attract the operation of Division 205 (anti‑profit shifting).
(3) The method to use in step 2 of the method statement in subsection (1) is the one that produces the most appropriate and reliable measure of how much of the revenue amount is reasonably attributable as mentioned in that step, having regard to:
(a) the miner’s circumstances, including, but not limited to, the functions performed, assets used, and risks borne by the miner in carrying on its *mining operations, *transformative operations and *resource marketing operations for the mining project interest; and
(b) the available information.
(4) In using the method that satisfies subsection (3), make the following assumptions, to the extent that they are relevant to that method:
(a) that a distinct and separate *entity (the
notional downstream entity ) does all the things (including using all the assets) that the miner actually does in carrying on the *downstream mining operations, *transformative operations and *resource marketing operations for the mining project interest;(b) that the notional downstream entity does not acquire an interest in the *taxable resource;
(c) that the miner and the notional downstream entity deal wholly independently with one another;
(d) that:
(i) there is a market for what the notional downstream entity is assumed by paragraph (a) to do; and
(ii) that market is competitive in the sense that the returns to the notional downstream entity would be no more or less than are necessary for it to commit capital, and in particular are commensurate with the non‑diversifiable risks inherent in the things it does.
(5) Without limiting subsection (3), a miner is taken for the purposes of step 2 in the method statement in subsection (1) to use the method that satisfies subsection (3) if the miner works out how much of the revenue amount is reasonably attributable as mentioned in that step by:
(a) reducing the revenue amount by an amount that, having regard to the matters mentioned in paragraphs (3)(a) and (b), is sufficient for a notional downstream entity to recover the following costs relating to the things it is assumed by subsection (4) to do, and the circumstances in which it is assumed by that subsection to do them:
(i) any operating costs;
(ii) any depreciation of assets;
(iii) a cost of capital sufficient to justify the continued commitment of the capital; and
(b) adding back to the revenue amount so much (if any) of the costs mentioned in paragraph (a) of this subsection as relate to things done to the extent that they were not taken into account in the revenue amount.
However, the costs mentioned in paragraph (a) of this subsection only include costs to the extent that they reasonably relate to the *mining revenue event.
Meaning of transformative operations
(6) Operations or activities are
transformative operations , for a mining project interest, to the extent that the operations or activities:
(a) are operations or activities of a kind mentioned in paragraph 35‑20(1)(a) for the mining project interest; and
(b) involve doing something to, or with, the *taxable resources after they reach the form and location they are in when they are first applied to producing something in relation to which a *mining revenue event of a kind mentioned in paragraph 30‑15(1)(c) happens; and
(c) do not involve doing anything to, or with, those taxable resources after they reach the form and location they are in when that mining revenue event happens.
(7) Operations or activities are
resource marketing operations , for a mining project interest, to the extent that the operations or activities involve marketing, selling, shipping or delivering of:
(a) *taxable resources in relation to which a *mining revenue event mentioned in paragraph 30‑15(1)(a) or (b) happens; or
(b) things produced using taxable resources in relation to which a mining revenue event mentioned in paragraph 30‑15(1)(c) happens.
(1) The
arm’s length consideration for a *supply is the amount that would reasonably be expected to be received or receivable by the miner as consideration for the supply if:
(a) the miner made the supply under an agreement between the miner and another *entity; and
(b) they were dealing wholly independently with one another in relation to the supply.
(2) The method used to determine that amount is to be the method that produces the most appropriate and reliable measure of that amount having regard to:
(a) the miner’s circumstances, including, but not limited to, the functions performed, assets used, and risks borne by the miner in carrying on its *mining operations, *transformative operations and *resource marketing operations for the mining project interest; and
(b) the available information.
(3) However, if it is not possible to work out the arm’s length consideration in accordance with subsections (1) and (2), the
arm’s length consideration for a *supply is the amount that is, in the Commissioner’s opinion, fair and reasonable.
Treat the time when a miner makes a *supply for the purposes of this Act as the earliest of the following:
(a) when consideration for the supply is received or becomes receivable;
(b) when what is being supplied is delivered;
(c) when ownership of what is being supplied passes.
30‑40 Recoupment or offsetting of mining expenditure
30‑45 Recoupment of payments that give rise to royalty credits
30‑50 Compensation for loss of taxable resources
30‑55 Amounts that do not relate to a particular mining revenue event
(1) An amount is included in a miner’s *mining revenue for a mining project interest for an *MRRT year to the extent that:
(a) during the year, the amount is received, or becomes receivable, by any of the following *entities:
(i) the miner;
(ii) an entity *connected with the miner;
(iii) an *affiliate of the miner;
(iv) an entity of which the miner is an affiliate;
(v) an affiliate of an entity covered by subparagraph (ii);
(vi) an entity connected with an entity covered by subparagraph (ii), (iii) or (iv); and
(b) payment of the amount has, or would have, the purpose or effect of *recouping or offsetting some or all of an amount of expenditure (including future expenditure); and
(c) the amount does not give rise to an adjustment under Division 160 (adjustments for changes in circumstances).
Example: In the 2012‑13 MRRT year, a miner receives a subsidy for employing apprentices. In the 2013‑14 MRRT year, the miner incurs mining expenditure for the relevant mining project interest in the form of wages paid to the apprentices.
To the extent that the subsidy offsets those wages, it is included in the miner’s mining revenue for the mining project interest for the 2012‑13 MRRT year.
(2) However, that amount is reduced (if necessary) to reflect the proportion of the amount of expenditure mentioned in paragraph (1)(b) that is, or will be, included in *mining expenditure for the mining project interest.
Note: The amount of that mining expenditure is adjusted if an adjustment arises under Division 160 in relation to that mining expenditure: see subsection 160‑15(5).
An amount is included in a miner’s *mining revenue for a mining project interest for an *MRRT year if the amount is an excess royalty recoupment mentioned in subsection 60‑30(2) for the interest.
Note: Royalty recoupments are generally applied to reduce royalty credits under section 60‑30. However, if there are insufficient royalty credits the excess is mining revenue under this section.
(1) An amount is included in a miner’s *mining revenue for a mining project interest for an *MRRT year to the extent that:
(a) during the year, the amount is received, or becomes receivable, by any of the following *entities:
(i) the miner;
(ii) an entity *connected with the miner;
(iii) an *affiliate of the miner;
(iv) an entity of which the miner is an affiliate;
(v) an affiliate of an entity covered by subparagraph (ii);
(vi) an entity connected with an entity covered by subparagraph (ii), (iii) or (iv); and
(b) the amount is by way of insurance, compensation or indemnity relating to loss of, destruction of or damage that:
(i) happens to a *taxable resource extracted from the *project area for the mining project interest, or to a thing produced using such a taxable resource; and
(ii) happens before a *mining revenue event happens in relation to the taxable resource; and
(c) the amount is reasonably attributable to the taxable resource, as mentioned in step 2 of the method statement in subsection 30‑25(1).
(2) Work out the extent to which the amount is reasonably attributable to the *taxable resource as so mentioned by applying section 30‑25 as if the amount were a revenue amount under subsection 30‑25(2).
(1) An amount is included in a miner’s *mining revenue for a mining project interest for an *MRRT year to the extent that:
(a) during the year, the amount is received, or becomes receivable, by the miner; and
(b) the amount is received, or becomes receivable, for a *supply, or a proposed supply, of:
(i) *taxable resources extracted, or proposed to be extracted, from the *project area for the mining project interest; or
(ii) things produced, or proposed to be produced, using such taxable resources; and
(c) the amount does not relate to a particular *mining revenue event.
(2) However, subsection (1) does not apply if the only reason the amount does not relate to a particular *mining revenue event is that paragraph 30‑20(2)(a) prevents the supply from being an *initial supply.
30‑60 No double counting
30‑65 Expenditure incurred in causing amounts to be received etc.
30‑70 Amounts taken to be received
30‑75 GST and increasing adjustments
If 2 or more provisions of this Act include the same amount in a miner’s *mining revenue (whether for the same *MRRT year or different MRRT years), the amount is included only under the provision that is most appropriate.
An amount that, under Subdivision 30‑B or 30‑C, is to be included in a miner’s *mining revenue for a mining project interest for an *MRRT year is reduced to the extent that:
(a) the miner necessarily incurred any expenditure in enforcing the miner’s entitlement to receive the amount; and
(b) the expenditure does not relate to any other amount; and
(c) the expenditure was not *mining expenditure for the mining project interest; and
(d) the expenditure was not *excluded expenditure.
Note: This section ensures that the costs associated with mining revenue, but not dealt with under Division 35, are taken into account.
Example: If a miner undertakes litigation to receive compensation for damage to the miner’s taxable resources, the amount included in the miner’s mining revenue under section 30‑50 would be reduced under this section to take account of the miner’s litigation costs.
For the purposes of the *MRRT law, an amount that is not actually to be paid over to a miner is taken to be received by the miner if it is, and when it is, applied or otherwise dealt with on behalf of the miner or as the miner directs.
An amount that, under this Division, is to be included in the miner’s *mining revenue does not include:
(a) any *GST payable on a *supply for which the amount is the consideration, or part of the consideration; or
(b) any *increasing adjustments that relate to such a supply.
Guide to Division 35
35‑A A miner’s mining expenditure
35‑B Excluded expenditure
A miner’s mining expenditure for a mining project interest includes expenditure necessarily incurred in carrying on mining operations upstream of the valuation point.
However, some expenditure is specifically excluded.
Note: For
pre‑mining expenditure , see section 70‑35.
35‑5 A miner’s
mining expenditure 35‑10 General expenditure
35‑15 Meaning of
upstream mining operations 35‑20 Meaning of
mining operations 35‑25 No double counting
(1) A miner’s
mining expenditure for a mining project interest that the miner has, for an *MRRT year, is the sum of all the amounts that, under this Act, are included in the miner’s mining expenditure for that interest for that year.Note: Most of the amounts are covered by this section. However, the following amounts may also be included in a miner’s mining expenditure:
(a) amounts arising as a result of adjustments to take account of changes in circumstances (see Division 160);
(b) amounts arising as a result of changed use of starting base assets (see section 165‑55).
(2) However, an amount is not included in the miner’s
mining expenditure for the mining project interest for the *MRRT year to the extent that it is *excluded expenditure.Note: For
excluded expenditure , see Subdivision 35‑B.
(1) An amount of expenditure is included in a miner’s *mining expenditure for a mining project interest for an *MRRT year to the extent that the miner necessarily incurred the amount, in that year, in the carrying on (by the miner or another *entity) of *upstream mining operations for the mining project interest.
(2) The expenditure may be of either a capital or revenue nature.
*Mining operations for a mining project interest are
upstream mining operations for the mining project interest to the extent the operations:
(a) are operations or activities of a kind mentioned in paragraph 35‑20(1)(a) for the mining project interest; and
(b) do not involve doing anything to, or with, the *taxable resources extracted from the *project area for the mining project interest after those taxable resources reach their *valuation point.
Examples: The following are some examples of operations or activities that might be upstream mining operations:
(a) obtaining the agreement of native title holders as part of the process of obtaining a production right over the project area;
(b) exploring for taxable resources in the project area;
(c) crushing and weighing the taxable resources before they reach their valuation point;
(d) training, engaging, employing, paying, accommodating and ensuring the safety of personnel, and other supportive head office activities, to the extent they are involved in operations or activities relating to getting the taxable resource to the valuation point;
(e) developing plans and engineering specifications for, and constructing, facilities (whether in the project area or not) to be used in recovering, transporting and storing the taxable resources before they reach their valuation point;
(f) acquiring and maintaining plant or equipment for use in recovering, transporting or storing the taxable resources before they reach their valuation point;
(g) upgrading computer software used to control inventory (like consumables and spare parts) used for recovering, transporting or storing the taxable resources before they reach their valuation point;
(h) rehabilitation of a project area from damage caused by activities relating to the exploration, extraction and movement of taxable resources to the valuation point.
Note: For
downstream mining operations , see section 255‑15.
(1) Operations or activities are
mining operations , for a mining project interest, to the extent that the operations or activities:
(a) are preliminary or integral to, or consequential upon:
(i) extracting or producing *taxable resources from the *project area for the mining project interest; or
(ii) producing something using those taxable resources; but
(b) do not involve doing anything to, or with, those taxable resources after they reach the form and location they are in when:
(i) a *mining revenue event of a kind mentioned in paragraph 30‑15(1)(a) or (b) happens in relation to them; or
(ii) they are first applied to producing something in relation to which a mining revenue event of a kind mentioned in paragraph 30‑15(1)(c) happens.
(2) Without limiting subsection (1), the following activities are
mining operations for a mining project interest:
(a) *exploration or prospecting for *taxable resources in the *project area for the mining project interest;
(b) extracting taxable resources from the project area;
(c) doing anything to, or with, taxable resources extracted or produced from the project area before they reach the form and location they are in when a *mining revenue event happens in relation to them;
(d) obtaining access to the project area for any of the other activities mentioned in this subsection (other than paragraph (h));
(e) acquiring, constructing or maintaining anything to be used, or reasonably expected to be used, for any of the activities mentioned in any of paragraphs (a) to (d) (even if no such activity is happening at the time the acquisition, construction or maintenance happens);
(f) rehabilitating the project area, or any other land affected by any activity mentioned in any of paragraphs (a) to (e);
(g) closing down any activity mentioned in any of paragraphs (a) to (f);
(h) any activity done in furtherance of an activity mentioned in any of paragraphs (a) to (g).
If 2 or more provisions of this Act include the same amount in a miner’s *mining expenditure (whether for the same *MRRT year or a different MRRT year), the amount is included only under the provision that is most appropriate.
35‑35 Cost of acquiring rights and interests in projects
35‑40 Royalties
35‑45 Meanings of
mining royalty andprivate mining royalty 35‑50 Financing costs
35‑55 Hire purchase agreements
35‑60 Non‑adjacent land and buildings used in administrative or accounting activities
35‑65 Hedging or foreign exchange arrangements
35‑70 Rehabilitation bond and trust payments
35‑75 Payments of income tax or GST
35‑80 Unit shortfall charge—clean energy
(1) An amount of expenditure is
excluded expenditure to the extent that it relates to acquiring, or acquiring an interest in, a *production right covering an area, unless the expenditure is in relation to the grant of the production right.(2) An amount of expenditure is
excluded expenditure to the extent that it relates to acquiring a mining project interest.(3) An amount of expenditure is
excluded expenditure to the extent that it relates to acquiring an interest in profits, receipts or expenditures of, or relating to, a mining project interest.
(1) An amount of expenditure is
excluded expenditure to the extent that it is any of the following:
(a) a *mining royalty;
(b) a *private mining royalty;
(c) a payment that gives rise to a *royalty credit under paragraph 60‑20(1)(b) (payments by way of recoupment for mining royalties).
(2) Despite subsection (1), a *private mining royalty is not
excluded expenditure , to the extent that:
(a) it is paid to an *entity as consideration for the entity performing services that form part of *upstream mining operations for a mining project interest; and
(b) it does not represent a share of the profits made from a *mining venture to which a mining project interest relates.
(3) Despite subsection (1), a *private mining royalty is not
excluded expenditure to the extent that it is paid to an entity under an agreement entered into with the entity:
(a) before 2 May 2010; and
(b) at a time when the entity is an STB (within the meaning of Division 1AB of Part III of the
Income Tax Assessment Act 1936 ) other than an *excluded STB.(4) Despite subsection (1), a *private mining royalty is not
excluded expenditure , to the extent that it is by way of consideration for the carrying on of *mining operations in the *project area for a mining project interest, if it is paid:
(a) to a native title holder (within the meaning of the
Native Title Act 1993 ) whose approved determination of native title (within the meaning of that Act) relates to the project area for the mining project interest; or(b) to a registered native title claimant (within the meaning of the
Native Title Act 1993 ) whose claimant application (within the meaning of that Act) relates to the project area for the mining project interest; or(c) to a person who holds a right that:
(i) arises under another *Australian law dealing with the rights of *Aboriginal persons or *Torres Strait Islanders in relation to land or waters; and
(ii) relates to the project area for the mining project interest.
(5) To the extent a *private mining royalty is not *excluded expenditure because of subsection (3) or (4), it is not
excluded expenditure under section 35‑35.
(1) An amount of expenditure is a
mining royalty to the extent the expenditure:
(a) is made in relation to a *taxable resource extracted under authority of a *production right; and
(b) is made under a *Commonwealth law, a *State law or a *Territory law; and
(c) either:
(i) is a *royalty; or
(ii) would be a royalty, if the taxable resource were owned by the Commonwealth, State or Territory (as the case requires) just before the recovery of the resource.
Note: Subparagraph (1)(c)(ii) covers a case where an amount is payable under an Australian law in relation to minerals owned by private landowners.
(2) An amount of expenditure is a
private mining royalty if:
(a) it is:
(i) a *taxable resource or a quantity of something produced using a taxable resource; or
(ii) calculated by reference to a taxable resource or a quantity of something produced using a taxable resource; or
(iii) calculated by reference to the gross or net value of a taxable resource or something produced using a taxable resource; or
(iv) calculated by reference to the revenue, expenditure or profits made or incurred by an *entity in relation to a taxable resource or a quantity of something produced using a taxable resource; and
(b) it is not a *mining royalty.
An amount of expenditure is
excluded expenditure to the extent that it relates to:
(a) an *arrangement that gives rise to a *financial arrangement; or
(b) an *equity interest that is a financial arrangement; or
(c) a *scheme that gives rise to an equity interest issued by the miner.
Examples:
(a) borrowing costs, exit fees or interest payments relating to a loan, or repayments of principal; and
(b) payments of dividends or payments for buying back or cancelling shares.
(1) An amount of expenditure is
excluded expenditure to the extent that it relates to a *hire purchase agreement.(2) However, if an amount of expenditure is excluded expenditure for a miner under subsection (1) in relation to a *hire purchase agreement:
(a) the miner is taken to have incurred the amount mentioned in subsection (3) at the earliest time at which the property is *supplied to the miner under the agreement; and
(b) the miner is taken to have acquired the property for that amount at the time the amount is incurred; and
(c) the amount is not
excluded expenditure under subsection (1) or section 35‑50.(3) For the purposes of paragraph (2)(a), the amount is:
(a) if an amount is stated to be the cost or value of the property for the purposes of the agreement, and the miner and the hirer were dealing with each other at *arm’s length in connection with the agreement—the amount so stated; or
(b) otherwise—the amount that could reasonably have been expected to have been paid by the miner for the purchase of the property if:
(i) the hirer had actually sold the property to the miner at the start of the agreement; and
(ii) the hirer and the miner were dealing with each other at arm’s length in connection with the sale.
Note: The amount may be mining expenditure under this Division.
An amount of expenditure is
excluded expenditure to the extent that:
(a) it relates to land or buildings that are not located at or adjacent to the *project area for a mining project interest that the miner has; and
(b) the land or buildings are for use in connection with administrative or accounting activities; and
(c) the expenditure is of a capital nature.
An amount of expenditure is
excluded expenditure to the extent that it relates to:
(a) a *derivative financial arrangement; or
(b) a *foreign currency hedge.
(1) An amount of expenditure is
excluded expenditure to the extent that it is provided as security (however described) for rehabilitation of the *project area for a mining project interest.(2) An amount of expenditure that is incurred by a trustee or bondholder out of an amount provided as security as mentioned in subsection (1) is taken to have been incurred by a miner in relation to a mining project interest to the extent that:
(a) the amount is for rehabilitation of an area; and
(b) the area is the *project area for the mining project interest the miner has at the time the amount is incurred; and
(c) if more than one miner has a mining project interest in relation to that project area at that time—the rehabilitation reasonably relates to the mining project interest.
Note: The trustee or bondholder is required to give the miner the information it needs to determine the extent, if any, to which the amount is mining expenditure for the miner: see Division 121 in Schedule 1 to the
Taxation Administration Act 1953.
An amount of expenditure is
excluded expenditure to the extent that it is:
(a) tax payable under the
Income Tax Assessment Act 1936 , or theIncome Tax Assessment Act 1997 ; or(b) *GST; or
(c) an amount relating to:
(i) an *input tax credit to which the miner is entitled; or
(ii) a *decreasing adjustment that the miner has; or
(d) an amount of penalty or interest payable under a *taxation law.
An amount of expenditure is
excluded expenditure to the extent that it is unit shortfall charge (within the meaning of theClean Energy Act 2011 ).
The concept of the valuation point is central to determining the revenue and expenditure that make up mining profit.
The valuation point is a defined point in the extractive process.
Operative provisions 40‑5 Meaning of
valuation point
Resource is stored on run‑of‑mine stockpile
(1) The
valuation point for a *taxable resource is the point just before the resource is removed from the run‑of‑mine stockpile on which it is stored.
Resource is not stored on run‑of‑mine stockpile
(2) The
valuation point for a *taxable resource that is not stored on a run‑of‑mine stockpile is:
(a) if the resource is moved away from the immediate point of extraction to a place, at or adjacent to the point of extraction, where the resource enters the first beneficiation process after extraction—the point at which the resource enters that beneficiation process; or
(b) if paragraph (a) does not apply—the point at which the resource is first moved away from the immediate point of extraction.
Resource is in gaseous state
(3) However, the
valuation point for a *taxable resource that is in a gaseous state at the point mentioned in subsection (2) is the first point at which the gaseous resource exits a wellhead.
Exception where supply happens first
(4) Despite subsections (1), (2) and (3), the
valuation point for a *taxable resource is instead the point just before the *initial supply of the resource, if the time the resource is at that point is before the time it would be at the valuation point for the resource under subsection (1), (2) or (3).Example: If, under an agreement, a resource is supplied to another party when the resource is delivered to the run‑of‑mine stockpile, the valuation point is just before the resource is delivered to the stockpile.
A miner is entitled to an offset for an MRRT year if the miner’s group mining profit for the year is less than $125 million.
If that profit is less than or equal to $75 million, an offset reduces the amount of MRRT the miner must pay for the year to nil.
An offset phases out between profits of $75 million and $125 million, so that the miner is not immediately subjected to a full MRRT liability when the miner’s group profit exceeds $75 million.
Operative provisions 45‑5 Low profit offset—profits not greater than $75 million
45‑10 Low profit offset—profits greater than $75 million and less than $125 million
(1) A miner has an offset for an *MRRT year if the sum of the *mining profits (the miner’s
group mining profit ) for the year of each mining project interest of the following *entities is less than or equal to $75 million:
(a) the miner;
(b) an entity *connected with the miner;
(c) an *affiliate of the miner;
(d) an entity of which the miner is an affiliate;
(e) an affiliate of an entity covered by paragraph (b);
(f) an entity connected with an entity covered by paragraph (b), (c) or (d).
Note 1: An offset under this section reduces the amount of MRRT that a miner must pay for an MRRT year: see section 10‑15.
Note 2: If the MRRT year is not a 12‑month period, the miner’s group mining profit is affected by section 190‑20 (substituted accounting periods).
(2) The amount of the miner’s offset for the *MRRT year is the sum of the miner’s *MRRT liabilities for each of the miner’s mining project interests for the year.
(1) A miner with a group mining profit greater than $75 million and less than $125 million for an *MRRT year has an offset for that year if the amount worked out using the following formula is greater than zero:
where:
miner’s group MRRT allowances is the sum of the *MRRT allowances for each mining project interest for the year that an *entity mentioned in subsection 45‑5(1) has.
miner’s share of group mining profit is the sum of the miner’s *mining profit for each of its mining project interests for the year, divided by the miner’s group mining profit for the year.
taper amount is the difference between the miner’s group mining profit for the year and $50 million.Note 1: An offset under this section reduces the amount of MRRT that a miner must pay for an MRRT year: see section 10‑15.
Note 2: If the MRRT year is not a 12‑month period, the miner’s group MRRT allowances and the miner’s share of group mining profit are affected by section 190‑20 (substituted accounting periods).
(2) The amount of the miner’s offset for the *MRRT year is the amount worked out using the formula in subsection (1), multiplied by the *MRRT rate.
Example: For the 2013‑14 MRRT year, Pinder Mines Ltd has a total mining profit of $80 million, a group mining profit of $100 million, group MRRT allowances of $10 million and a taper amount of $50 million ($100 million ‑ $50 million). The amount worked out using the formula in subsection (1) is $22 million:((($75 million ‑ $50 million) × 3/2) ‑ $10 million) × 4/5. Multiplying this amount by the MRRT rate gives Pinder Mines Ltd an offset for the year of $4.95 million.
Assessed MRRT that a miner is liable to pay, and any associated interest charges, must be paid to the Commissioner by the time provided under this Division.
Note 1: For payment of instalments, see Division 115 in Schedule 1 to the
Taxation Administration Act 1953 .Note 2: For provisions about the collection and recovery of MRRT and other tax‑related liabilities, see Part 4‑15 in Schedule 1 to the
Taxation Administration Act 1953 .
Operative provisions 50‑5 When assessed MRRT is payable
50‑10 When shortfall interest charge is payable
50‑15 General interest charge payable on unpaid assessed MRRT or shortfall interest charge
(1) *Assessed MRRT that a miner must pay under section 10‑20 for an *MRRT year is due and payable on the first day of the sixth month after the end of the MRRT year.
Example: If the miner’s MRRT year is the same as the financial year, the assessed MRRT would be due and payable on 1 December.
Note: The Commissioner may defer the time at which the assessed MRRT is due and payable: see section 255‑10 in Schedule 1 to the
Taxation Administration Act 1953 .(2) To avoid doubt, the *assessed MRRT may be taken to have been due and payable at a time before the *assessment was made.
(3) If the Commissioner amends a miner’s *assessment, any extra *assessed MRRT resulting from the amendment is due and payable 21 days after the day on which the Commissioner gives the miner notice of the amended assessment.
An amount of *shortfall interest charge that a miner is liable to pay is due and payable 21 days after the day on which the Commissioner gives the miner notice of the charge.
Note 1: Shortfall interest charge may be payable, on any amount of extra assessed MRRT payable as a result of an amended assessment, for each day in the period that:
(a) starts at the time assessed MRRT was due and payable on the miner’s original assessment; and
(b) finishes on the day before the day on which the Commissioner gives the miner notice of the amended assessment.
Note 2: For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the
Taxation Administration Act 1953 .
If an amount of *assessed MRRT or *shortfall interest charge that a miner is liable to pay remains unpaid after the time by which it is due to be paid, the miner is liable to pay the *general interest charge on the unpaid amount for each day in the period that:
(a) starts at the beginning of the day on which the amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the assessed MRRT or shortfall interest charge;
(ii) general interest charge on any of the assessed MRRT or shortfall interest charge.
Note 1: The general interest charge is worked out under Part IIA of the
Taxation Administration Act 1953 .Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act.
Mining royalties paid to the Commonwealth, States and Territories reduce a miner’s MRRT liabilities for a mining project interest.
To work out the royalty allowance, the amount of the royalty is grossed‑up using the MRRT rate, in effect reducing the MRRT liability by the amount of the royalty.
Royalty credits that are not applied in an MRRT year are uplifted and may be able to be applied in later years.
Royalty credits are reduced if a miner recoups an amount giving rise to a royalty credit.
Note: Royalty credits that are not applied to a royalty allowance may be applied to transferred royalty allowances for other mining project interests (see Division 65).
Operative provisions 60‑5 Objects of this Division
60‑10 When a miner has a royalty allowance
60‑15 The amount of a royalty allowance
60‑20 When a royalty credit arises
60‑25 Amount of a royalty credit
60‑30 Royalty credits reduced by recoupments
The objects of this Division are:
(a) to reduce a miner’s *MRRT liability relating to profits relating to *taxable resources, to the extent those taxable resources are subject to Commonwealth, State and Territory royalties; and
(b) to provide an uplift for unapplied *royalty credits, which compensates for:
(i) the delay where royalty credits are applied in a later year; and
(ii) the risk that royalty credits may not be able to be applied in a later year.
A miner has a
royalty allowance for a mining project interest for an *MRRT year if:
(a) the miner has a *mining profit for the interest for the year; and
(b) one or more *royalty credits (
available royalty credits ) relate to the interest.
(1) The amount of the miner’s *royalty allowance is so much of the sum of the available royalty credits as does not exceed the *mining profit.
(2) In working out the amount of a *royalty allowance, available royalty credits are applied in the order in which they arise.
Note: If an available royalty credit cannot be wholly applied in an MRRT year, the unapplied amount can be carried forward: see section 60‑25.
(1) A liability a miner incurs gives rise to a
royalty credit for a mining project interest the miner has to the extent that the liability is to pay, in relation to a *taxable resource extracted under the authority of the *production right to which the interest relates:
(a) a *mining royalty; or
(b) an amount to another *entity by way of *recoupment of a liability the other entity incurs that, because of a previous application of this section:
(i) gives rise at any time to a royalty credit for a mining project interest the other entity has that relates to the production right; or
(ii) would give rise to such a royalty credit, if the other entity had a mining project interest in relation to the production right.
Note: Sections 60‑30 and 30‑45 set out consequences for the entity that receives a recoupment of an amount giving rise to a royalty credit.
(2) The *royalty credit arises at the time the miner incurs the liability, and relates to the *MRRT year in which it arises.
Note: If more than one liability satisfying this section is incurred in an MRRT year, more than one royalty credit arises in that year.
(3) The *royalty credit ceases to be a royalty credit if it has been fully applied in working out any of the following:
(a) a *royalty allowance for the mining project interest;
(b) *transferred royalty allowances for other mining project interests.
(1) To work out the amount of the *royalty credit in the *MRRT year in which the royalty credit arises in relation to a liability of a miner:
(a) work out how much of the liability gives rise to a royalty credit under section 60‑20; and
(b) divide the result by the *MRRT rate.
Note: Paragraph (b) grosses‑up the royalty payment to an amount that will reduce the ultimate MRRT liability by the amount of the royalty payment.
Example: A miner pays a State royalty of $22.5 million in an MRRT year. The royalty credit in that year is:
(2) In a later *MRRT year, the amount of the *royalty credit is:
where:
previous amount of the royalty credit is the amount of the *royalty credit for the preceding *MRRT year.
previous application of the royalty credit is the sum of the amounts of those parts (if any) of the *royalty credit that have been applied in working out, for the preceding *MRRT year, any of the following:
(a) a *royalty allowance for the mining project interest;
(b) one or more *transferred royalty allowances for other mining project interests.
uplift factor is:Example: A royalty credit of $100 million arises in an MRRT year. $30 million is applied to the royalty allowance in the year the credit arises. In the same year, $30 million is applied to a transferred royalty allowance under Division 65. Assume the long term bond rate for that year is 5.5%. In the next year, the amount of the royalty credit is:($100 million ‑ ($30 million + $30 million)) x (0.055 + 1.07) = $45 million.
(1) To the extent an amount that is received or becomes receivable by a miner is by way of *recoupment of a liability that gives rise to a *royalty credit for a mining project interest the miner has:
(a) the amount is to be increased by dividing it by the *MRRT rate; and
(b) that increased amount is applied to reduce royalty credits for the interest:
(i) in the *MRRT year in which the amount is received or becomes receivable (the
recoupment year ); and(ii) in the order in which the royalty credits arise; and
(iii) before applying the royalty credits in working out a *royalty allowance or a *transferred royalty allowance for the recoupment year.
Note: Paragraph (a) grosses‑up the recoupment in the same way that section 60‑25 grosses‑up the liability giving rise to the royalty credit.
(2) If the increased amount exceeds the sum of those *royalty credits, section 30‑45 applies to the excess (the
excess royalty recoupment ) in the recoupment year.
A miner’s MRRT liability for a mining project interest may be reduced by mining royalties, paid to the Commonwealth, States and Territories, that relate to one or more other mining project interests.
The interests must satisfy an integration test from the time the royalty is incurred to the time it reduces the MRRT liability.
Operative provisions 65‑5 Object of this Division
65‑10 When a miner has a transferred royalty allowance
65‑15 The amount of a transferred royalty allowance
65‑20 Available royalty credits
The object of this Division is to enable *royalty credits arising in relation to a mining project interest to reduce the *MRRT liability of certain other mining project interests, if the interests are *integrated from the time the royalty credits arise to the end of the *MRRT year in which they are to be applied.
A miner has a
transferred royalty allowance for a mining project interest for an *MRRT year if:
(a) there is an amount (a
remaining profit ) by which the miner’s *mining profit for the interest for the year exceeds the *royalty allowance (if any) that the miner has for the interest for the year; and(b) there are one or more *royalty credits (
available royalty credits ) that, under section 65‑20, can be applied in working out the transferred royalty allowance for the interest for the year.
(1) The amount of the miner’s *transferred royalty allowance is so much of the sum of the available royalty credits as does not exceed the remaining profit.
(2) In working out the amount of a *transferred royalty allowance, *royalty credits are applied in the order in which they arise, but the miner may choose the order in which to apply royalty credits that arise at the same time.
Note: Division 119 in Schedule 1 to the
Taxation Administration Act 1953 is about choices under the MRRT law.
(1) A *royalty credit can be applied in working out a *transferred royalty allowance for a mining project interest for an *MRRT year (the
transfer year ) if:
(a) the mining project interest and the mining project interest for which the royalty credit arises are *integrated at all times in the period:
(i) starting at the time the *royalty credit arises; and
(ii) ending at the end of the transfer year; and
Note 1: For when a
royalty credit arises, see section 60‑20.Note 2: For when mining project interests are
integrated , see Division 255.(b) the royalty credit does not relate to an MRRT year for which there was a choice to use the alternative valuation method under Division 175 in relation to the mining project interest for which the royalty credit arises.
(2) However, the *royalty credit cannot be applied to the extent it is applied in working out:
(a) a *royalty allowance; or
(b) a *transferred royalty allowance;
for another mining project interest for the year.
Guide to Division 70
70‑A Object of this Division
70‑B When a miner has a pre‑mining loss allowance
70‑C Pre‑mining losses
70‑D Amounts of pre‑mining losses
Pre‑mining loss allowances enable expenditure (such as exploration expenditure) incurred during the period before a mining project interest comes into existence to reduce a miner’s MRRT liability for a mining project interest for an MRRT year.
Pre‑mining losses that are unapplied at the end of the MRRT year in which they arise are uplifted and may be able to be applied in later years.
Note: Pre‑mining losses that are not applied to a pre‑mining loss allowance may be applied to transferred pre‑mining loss allowances for other mining project interests (see Division 95).
70‑5 Objects of this Division
The objects of this Division are:
(a) to recognise a miner’s net expenditure (including exploration expenditure) incurred, before a *production right is granted, in identifying and evaluating whether *taxable resources could be extracted from an area; and
(b) to provide an uplift for unapplied *pre‑mining losses, which compensates for:
(i) the delay where pre‑mining losses are applied in a later year; and
(ii) the risk that pre‑mining losses may not be able to be applied in a later year.
70‑10 When a miner has a pre‑mining loss allowance
70‑15 The amount of a pre‑mining loss allowance
70‑20 Available pre‑mining losses for a pre‑mining loss allowance
70‑25 Meaning of
pre‑mining project interest etc.
A miner has a
pre‑mining loss allowance for a mining project interest for an *MRRT year if:
(a) there is an amount (a
remaining profit ) by which the miner’s *mining profit for the interest for the year exceeds the sum of all the *higher ranking allowances (if any) that the miner has for the interest for the year; and(b) there are one or more *pre‑mining losses (
available pre‑mining losses ) that, under section 70‑20, can be applied in working out a pre‑mining loss allowance for the interest for the year.
(1) The amount of the miner’s *pre‑mining loss allowance is so much of the sum of the available pre‑mining losses as does not exceed the remaining profit.
Example: A miner has, for a mining project interest for an MRRT year, a mining profit of $400 million, a royalty allowance of $200 million and a transferred royalty allowance of $100 million. The sum of the available pre‑mining losses for the interest for the year is $20 million.
Under section 70‑10, the miner has a pre‑mining loss allowance for the interest for the year because the mining profit exceeds the sum of the higher ranked allowances ($300 million), giving the miner a remaining profit of $100 million.
Under this section, the amount of the pre‑mining loss allowance is the sum of the available pre‑mining losses ($20 million), because that sum does not exceed the remaining profit.
(2) In working out the amount of a *pre‑mining loss allowance, *pre‑mining losses are applied in the order in which they arise.
Note: If an available pre‑mining loss cannot be wholly applied in an MRRT year, the unapplied amount can be carried forward: see section 70‑50.
(1) A *pre‑mining loss can be applied in working out a *pre‑mining loss allowance for the mining project interest for the year if the mining project interest *originates from the *pre‑mining project interest to which the pre‑mining loss relates.
Note: Once a pre‑mining loss has been fully applied, it ceases to be a pre‑mining loss (see subsection 70‑30(2)), and therefore cannot be applied in working out a pre‑mining loss allowance.
(2) A mining project interest
originates from a *pre‑mining project interest if:
(a) the *termination day for the pre‑mining project interest happened; or
(b) the pre‑mining project interest ceased to apply to the *project area, or a part of the project area, for the mining project interest;
because the mining project interest started to apply to the project area, or a part of the project area, for the pre‑mining project interest.
Note: A mining project interest may originate from more than one pre‑mining project interest.
(1) A
pre‑mining project interest is an interest in an *exploration right.(2) However, if the *exploration right relates both to iron ore and to other kinds of *taxable resources, treat the *pre‑mining project interest as:
(a) a pre‑mining project interest relating to iron ore; and
(b) another pre‑mining project interest relating to those other kinds of taxable resources.
(3) An
exploration right is an authority or right (however described) under an *Australian law for a purpose (other than an incidental purpose) of *exploration or prospecting for *taxable resources in a particular area in *Australia.Examples: The following are some examples of an exploration right:
(a) a mineral development licence;
(b) a retention lease;
(c) an exploration permit.
(4) The
project area for a *pre‑mining project interest is the area in *Australia covered by the *exploration right to which the pre‑mining project interest relates.
70‑30 Pre‑mining losses
70‑35 Meaning of
pre‑mining expenditure etc.70‑40 Meaning of
pre‑mining revenue
(1) A
pre‑mining loss arises for an *MRRT year if:
(a) during the year, an *entity *holds a *pre‑mining project interest; and
(b) the entity’s *pre‑mining expenditure for the interest for the year exceeds the entity’s *pre‑mining revenue for the interest for the year.
(2) The pre‑mining loss ceases to be a
pre‑mining loss if it has been fully applied in working out any of the following:
(a) a *pre‑mining loss allowance for a mining project interest that *originates from the *pre‑mining project interest;
(b) *transferred pre‑mining loss allowances for other mining project interests.
Pre‑mining expenditure
(1) An *entity’s
pre‑mining expenditure , for a *pre‑mining project interest for an *MRRT year, is the sum of all amounts that, under this Act, are included in the entity’s pre‑mining expenditure for the interest for the year.Note: Most of the amounts are covered by this Division. However, the following amounts may also be included in a miner’s pre‑mining expenditure:
(a) amounts arising as a result of adjustments to take account of changes in circumstances (see Division 160);
(b) amounts arising as a result of changed use of starting base assets (see section 165‑55).
(2) An amount of expenditure is included in an *entity’s *pre‑mining expenditure for a *pre‑mining project interest for an *MRRT year to the extent that the entity necessarily incurred the amount in that year in carrying on *pre‑mining project operations of the interest.
(3) The expenditure may be of either a capital or revenue nature.
Excluded expenditure
(4) However, an amount is not included in the *entity’s *pre‑mining expenditure for the *pre‑mining project interest for the *MRRT year to the extent that it:
(a) is *excluded expenditure; or
(b) would be excluded expenditure, if:
(i) the pre‑mining project interest were a mining project interest; and
(ii) the *exploration right to which the pre‑mining project interest relates were a *production right to which the mining project interest relates; and
(iii) in a case where the entity is not a miner—the entity were a miner.
Note: For
excluded expenditure , see Subdivision 35‑B.
Pre‑mining project operations
(5) Operations or activities are the
pre‑mining project operations of the *pre‑mining project interest to the extent that, if the pre‑mining project interest were a mining project interest, the operations or activities would be *upstream mining operations in relation to such a mining project interest.(6) It does not matter where, or when, the operations or activities are carried on.
Expenditure for deferred farm‑out arrangement where no interest transferred
(7) An amount of expenditure is included in an *entity’s *pre‑mining expenditure for a *pre‑mining project interest for an *MRRT year to the extent that:
(a) another entity necessarily incurred the amount in that MRRT year, or an earlier MRRT year, in carrying on *exploration or prospecting for *taxable resources in the *project area for the pre‑mining project interest; and
(b) the exploration or prospecting was carried on under an *arrangement with the entity; and
(c) the terms of the arrangement gave the other entity a right, or a contingent right, to acquire from the entity an interest in the *exploration right to which the pre‑mining project interest relates; and
(d) in that MRRT year, the other entity stops having the right, without acquiring the interest in the exploration right.
No double counting
(8) If 2 or more provisions of this Act include the same amount in an *entity’s *pre‑mining expenditure (whether for the same *MRRT year or a different MRRT year), the amount is included only under the provision that is most appropriate.
(9) If:
(a) a provision of this Act includes an amount in an *entity’s *pre‑mining expenditure; and
(b) the same amount is included, by another provision of this Act, in the entity’s *mining expenditure (whether for the same *MRRT year or a different MRRT year);
a *pre‑mining loss;
(c) a *mining loss;
(d) a *starting base loss.
approved form has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
arm’s length has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
arm’s length consideration has the meaning given by section 30‑30.
arrangement has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
assessed MRRT means MRRT, as assessed under Schedule 1 to theTaxation Administration Act 1953 .
assessment has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
auditing standard has the same meaning as in theCorporations Act 2001 .
Australia , when used in a geographical sense, includes:
(a) all the external Territories other than the Australian Antarctic Territory; and
(b) an area that is an offshore area for the purposes of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006 .
Australian law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
Australian permanent establishment has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
base value has the meaning given by subsection 90‑5(1).
cessation event has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
CGT asset has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
closely associated has the meaning given by subsection 95‑20(5).
Commissioner means the Commissioner of Taxation.
Commonwealth law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
connected with has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
consolidatable group has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
consolidated group has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
constituent asset :
(a) of a *starting base asset that is treated as a single starting base asset because of section 80‑30, means any of the things mentioned in paragraphs 80‑30(1)(a) to (d) that are treated as the single starting base asset; or
(b) of a starting base asset that is treated as a single starting base asset because of subsection 180‑10(3), means any of the starting base assets that are, under that subsection, treated as the single starting base asset.
cost base has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
created : in relation to a *consolidated group or *MEC group, has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
decreasing adjustment has the meaning given by section 195‑1 of the* GST Act.
depreciating asset has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
derivative financial arrangement has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
diminishing value method has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
downstream mining operations has the meaning given by section 255‑15.
effective life has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
entity has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
equity interest has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
excluded expenditure has the meaning given by Subdivision 35‑B.
excluded STB has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
exploration or prospecting has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
exploration right has the meaning given by subsection 70‑25(3).
extract , in relation to a *taxable resource, means extract the taxable resource in any way, and includes recovering the taxable resource from the place where it occurs.
financial arrangement has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
financial year has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
foreign currency has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
foreign currency hedge has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
foreign law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
general interest charge has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
GST has the meaning given by section 195‑1 of the* GST Act.
GST Act has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
head company has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
higher ranking allowanc e , in relation to an *MRRT allowance, means any other MRRT allowance that, under section 10‑10, is applied earlier than that allowance in working out a miner’s *MRRT liability.
hire purchase agreement has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
hold a thing mentioned in subsection 250‑5(2) has the meaning given by Division 250.
income tax law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
income year has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
increasing adjustment has the meaning given by section 195‑1 of the* GST Act.
index number has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
initial supply has the meaning given by section 30‑20.
input tax credit has the meaning given by section 195‑1 of the* GST Act.
installed ready for use has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
instalment income has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997.
instalment quarter has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
integrated , in relation to mining project interests, has the meaning given by Division 255.
interim expenditure , in relation to a *starting base asset relating to a mining project interest, has the meaning given by section 90‑55.
long term bond rate , for a period, has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
market value has a meaning affected by Subdivision 960‑S of theIncome Tax Assessment Act 1997 .
MEC group has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
member has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
mine development expenditure has the meaning given by subsection 80‑35(3).
miner means an *entity that has a *mining project interest.
mining expenditure has the meaning given by Division 35.
mining loss has the meaning given by section 75‑20.
mining loss allowance has the meaning given by section 75‑10.
mining operations has the meaning given by section 35‑20.
mining profit has the meaning given by Division 25.
mining project interest has the meaning given by section 15‑5.
mining project split has the meaning given by subsection 125‑10(3).
mining project transfer has the meaning given by subsection 120‑10(3).
mining, quarrying or prospecting information has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
mining revenue has the meaning given by Division 30.
mining revenue event has the meaning given by section 30‑15.
mining royalty has the meaning given by subsection 35‑45(1).
mining venture has the meaning given by subsection 15‑5(3).
MRRT means minerals resource rent tax imposed by any of the following:
(a) the
Minerals Resource Rent Tax (Imposition—General) Act 2012 ;(b) the
Minerals Resource Rent Tax (Imposition—Customs) Act 2012 ;(c) the
Minerals Resource Rent Tax (Imposition—Excise) Act 2012 .
MRRT allowance has the meaning given by section 10‑10.
MRRT benefit has the meaning given by section 210‑15.
MRRT disadvantage has the meaning given by subsection 210‑30(2).
MRRT law means:
(a) this Act; and
(b) any Act that imposes MRRT; and
(c) the
Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
MRRT liability has the meaning given by section 10‑5.
MRRT rate has the meaning given by the following:
(a) section 4 of the
Minerals Resource Rent Tax (Imposition—General) Act 2012 ;(b) section 4 of the
Minerals Resource Rent Tax (Imposition—Customs) Act 2012 ;(c) section 4 of the
Minerals Resource Rent Tax (Imposition—Excise) Act 2012 .
MRRT year has the meaning given by sections 10‑25, 190‑10 and 190‑15.
non‑cash benefit has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
opening adjustable value has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
originates , in relation to a mining project interest and a *pre‑mining project interest, has the meaning given by subsection 70‑20(2).
partnership has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
pre‑mining expenditur e has the meaning given by section 70‑35.
pre‑mining loss has the meaning given by section 70‑30.
pre‑mining loss allowance has the meaning given by section 70‑10.
pre‑mining loss cap has the meaning given by section 95‑30.
pre‑mining profit has the meaning given by section 140‑5.
pre‑mining project interest has the meaning given by section 70‑25.
pre‑mining project operations has the meaning given by subsection 70‑35(5).
pre‑mining project split has the meaning given by subsection 150‑10(2).
pre‑mining project transfer has the meaning given by subsection 145‑10(2).
pre‑mining revenue has the meaning given by section 70‑40.
prime cost method has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
private mining royalty has the meaning given by subsection 35‑45(2).
production right has the meaning given by section 15‑15.
project area has the meaning given by section 15‑20 or subsection 70‑25(4).
provisional head company of a *MEC group has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
recoupment has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
rehabilitation tax offset has the meaning given by section 225‑10.
rehabilitation tax offset amount :
(a) in relation to a mining project interest—has the meaning given by section 225‑15; and
(b) in relation to a *pre‑mining project interest—has the meaning given by section 225‑20.
resource marketing operations has the meaning given by subsection 30‑25(7).
royalty includes the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
royalty allowance has the meaning given by section 60‑10.
royalty credit has the meaning given by section 60‑20.
scheme has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
shortfall interest charge has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
split percentage :
(a) for a new interest a miner has just after a *mining project split—has the meaning given by section 125‑15; and
(b) for a new interest an *entity has just after a *pre‑mining project split—has the meaning given by subsections 150‑15(5) and (6).
starting base adjustment for a *starting base asset, has the meaning given by section 165‑20.
starting base adjustment amount for a *starting base asset, has the meaning given by section 165‑10.
starting base adjustment event , for a *starting base asset, has the meaning given by section 165‑5.
starting base allowance has the meaning given by section 80‑10.
starting base asset relating to a mining project interest has the meaning given by section 80‑25 and subsection 80‑35(1).
starting base days has the meaning given by subsections 80‑40(6) and (7).
starting base loss , for a mining project interest, has the meaning given by section 80‑20.
starting base return means a return of the kind referred to in section 117‑20 in Schedule 1 to theTaxation Administration Act 1953 , that complies with all the requirements of that section and section 117‑25 (if applicable) in that Schedule and section 388‑75 in that Schedule.
start time , for a *starting base asset relating to a mining project interest, has the meaning given by subsection 80‑25(2).
State law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
subsidiary member has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
supply has the meaning given by section 195‑1 of the* GST Act.
suspension day has the meaning given by section 130‑10.
taxable resource has the meaning given by Division 20.
taxation law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
termination day :
(a) for a mining project interest, has the meaning given by section 135‑5; or
(b) for a *pre‑mining project interest, has the meaning given by section 155‑5.
termination value , of a *starting base asset, has the meaning given by subsection 165‑10(3) and (4).
Territory law has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
Torres Strait Islander has the meaning given by subsection 4(1) of theAboriginal and Torres Strait Islander Act 2005 .
transfer pricing guidelines has the meaning given by subsection 205‑15(2).
transferred mining loss allowance has the meaning given by section 100‑10.
transferred pre‑mining loss allowance has the meaning given by section 95‑10.
transferred royalty allowance has the meaning given by section 65‑10.
transformative operations has the meaning given by subsection 30‑25(6).
trustee has the meaning given by subsection 995‑1(1) of theIncome Tax Assessment Act 1997 .
upstream mining operations has the meaning given by section 35‑15.
valuation point for a *taxable resource has the meaning given by Division 40.
This endnote sets out details of the legislation history of the
Minerals Resource Rent Tax Act 2012 | 13, 2012 | 29 Mar 2012 | 1 July 2012 | |
Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 | 14, 2012 | 29 Mar 2012 | Schedule 3 (item 92): Schedule 4: 1 July 2012 ( | Sch. 4 (items 1, 2–9, 11–13) Sch. 4 (item 1A) (ad. by 88, 2013, Sch. 7 [item 72]) Sch. 4 (item 10) (am. by 88, 2013, Sch. 7 [item 73]) |
| ||||
| 88, 2013 | 28 June 2013 | Schedule 7 (items 72, 73): ( | — |
Tax Laws Amendment (2012 Measures No. 1) Act 2012 | 71, 2012 | 27 June 2012 | Schedule 5 (items 4–16): | — |
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 | 88, 2013 | 28 June 2013 | Schedule 7 (items 5–73): | — |
(a) Subsection 2(1) (items 2 and 8) of theMinerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Schedule 1 | At the same time as the | 1 July 2012 |
Schedule 3, item 92 | The later of:
However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. | 1 July 2012 (paragraph (a) applies) |
(b) Subsection 2(1) (item 6) of theTax Laws Amendment (2012 Measures No. 1) Act 2012 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Schedule 5, items 1 to 16 | Immediately after the commencement of the | 1 July 2012 |
(c) Subsection 2(1) (item 15) of theTax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Schedule 7, items 1 to 136 | Immediately after the commencement of the | 1 July 2012 |
This endnote sets out the amendment history of the
am. = amended rep. = repealed rs. = repealed and substituted exp. = expired or ceased to have effect | |
Note 2 to s. 15‑5(1).............. | am. No. 71, 2012 |
Note 2 to s. 15‑5(4).............. | am. No. 71, 2012 |
Note to s. 30‑5..................... | rs. No. 71, 2012 |
s. 30‑15.............................. | am. No. 71, 2012 |
Note to s. 30‑15(1)............... | rs. No. 71, 2012 |
s. 30‑25.............................. | am. No. 71, 2012; No. 88, 2013 |
Note to s. 30‑40(2)............... | ad. No. 88, 2013 |
s. 30‑55.............................. | am. No. 71, 2012; No. 88, 2013 |
Note to s. 35‑5(1)................ | rs. No. 88, 2013 |
s. 35‑40.............................. | am. No. 71, 2012 |
s. 35‑80.............................. | ad. No. 14, 2012 |
s. 45‑10.............................. | am. No. 88, 2013 |
Note to s. 70‑35(1)............... | rs. No. 88, 2013 |
s. 80‑25.............................. | am. No. 88, 2013 |
s. 80‑40.............................. | am. No. 88, 2013 |
s. 80‑45.............................. | am. No. 88, 2013 |
s. 80‑50.............................. | am. No. 88, 2013 |
Note to s. 90‑25(1)............... | ad. No. 88, 2013 |
Note 3 to s. 90‑40(1)............ | ad. No. 88, 2013 |
s. 90‑45.............................. | am. No. 88, 2013 |
s. 90‑55.............................. | am. No. 88, 2013 |
s. 90‑65.............................. | am. No. 88, 2013 |
s. 95‑20.............................. | am. No. 88, 2013 |
s. 95‑25.............................. | am. No. 88, 2013 |
s. 95‑30.............................. | am. No. 88, 2013 |
s. 115‑10............................ | am. No. 71, 2012 |
s. 115‑15............................ | am. No. 88, 2013 |
s. 115‑25............................ | am. No. 88, 2013 |
s. 115‑55............................ | am. No. 88, 2013 |
s. 120‑10............................ | am. No. 88, 2013 |
Note to s. 120‑10(4)............. | rep. No. 88, 2013 |
Note 1 to s. 120‑10(4).......... | ad. No. 88, 2013 |
Note 2 to s. 120‑10(4).......... | ad. No. 88, 2013 |
s. 125‑10............................ | am. No. 88, 2013 |
Note to s. 125‑10(4)............. | rep. No. 88, 2013 |
Note 1 to s. 125‑10(4).......... | ad. No. 88, 2013 |
Note 2 to s. 125‑10(4).......... | ad. No. 88, 2013 |
s. 135‑15............................ | rs. No. 71, 2012 |
s. 140‑10............................ | am. No. 88, 2013 |
s. 145‑15............................ | am. No. 88, 2013 |
Note to s. 145‑15(2)............. | rep. No. 88, 2013 |
Note 1 to s. 145‑15(2).......... | ad. No. 88, 2013 |
Note 2 to s. 145‑15(2).......... | |
ad. No. 88, 2013 | |
s. 145‑20............................ | am. No. 88, 2013 |
Subhead. to s. 150‑15(4)....... | rs. No. 88, 2013 |
s. 150‑15............................ | am. No. 88, 2013 |
s. 150‑20............................ | am. No. 88, 2013 |
Note 2 to s. 150‑30(2).......... | am. No. 88, 2013 |
s. 155‑10............................ | am. No. 88, 2013 |
s. 160‑15............................ | am. No. 88, 2013 |
s. 165‑15............................ | am. No. 88, 2013 |
s. 165‑25............................ | am. No. 88, 2013 |
s. 165‑30............................ | am. No. 88, 2013 |
s. 175‑15............................ | am. No. 88, 2013 |
s. 180‑5.............................. | am. No. 88, 2013 |
s. 190‑1.............................. | am. No. 88, 2013 |
s. 190‑5.............................. | am. No. 88, 2013 |
s. 190‑10............................ | am. No. 88, 2013 |
s. 190‑15............................ | am. No. 88, 2013 |
s. 190‑20............................ | am. No. 88, 2013 |
s. 200‑10............................ | am. No. 71, 2012 |
s. 200‑15............................ | am. No. 88, 2013 |
s. 215‑10............................ | am. No. 88, 2013 |
s. 255‑20............................ | am. No. 88, 2013 |
s. 300‑1.............................. | am. No. 88, 2013 |
There are no uncommenced amendments.
There are no misdescribed amendments.
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