| Accounting for MRRT |
| There are several special circumstances which taxpayers may need to be aware of when accounting for MRRT. These include MRRT accounting periods and the treatment of foreign currency and non-cash benefits under MRRT. |
| Adjustments, concessions and offsets |
| The MRRT provides for adjustments to certain revenue, expenditure and starting base losses in certain circumstances. The MRRT law also provides some concessions and special treatment for certain taxpayers. For example, the simplified MRRT method and the low profit offset. |
| Administration of minerals resource rent tax (MRRT) instalments |
| Information on how the minerals resource rent tax (MRRT) instalment system is being administered for the transitional period. |
| Administrative decisions - nil rate determinations |
| If the Commissioner forms an opinion that an MRRT taxpayer is unlikely to be liable to pay MRRT for an MRRT year, the Commissioner may determine a nil instalment rate for the taxpayer and also exempt it from having to lodge MRRT instalment liability notices. |
| Administrative decisions during transition - consolidation |
| The Commissioner of Taxation has made an administrative decision to provide MRRT taxpayers with further time to make and notify the ATO of a consolidation choice and new PRRT taxpayers with further time to notify the ATO of a consolidation choice. |
| Allowances |
| MRRT allowances reduce the mining profit of a mining project interest. There are seven types of allowances. In certain circumstances some allowances may be transferred to other project interests. |
| Application to register for minerals resource rent tax (MRRT) |
| Complete and lodge this application if you want to register an entity for MRRT. |
| Combining, transferring or splitting interests |
| Mining project interests and pre-mining project interests may be transferred to another taxpayer or split into separate interests. Mining project interests may also be combined provided certain criteria are met. Pre-mining project interests cannot be combined. |
| Consolidation for MRRT purposes |
| Certain entities can choose to consolidate for MRRT purposes. The choice is irrevocable, needs to be in writing and notified to the ATO within certain timeframes. |
| Getting help from the ATO |
| The ATO is committed to helping taxpayers understand and meet any MRRT obligations they may have. Taxpayers who require assistance may contact the ATO to obtain information, guidance or advice by phone or in writing. |
| How MRRT affects you |
| From 1 July 2012, the minerals resource rent tax (MRRT) applies to new and existing coal and iron ore projects in Australia. Taxpayers with interests in coal or iron ore projects may need to consider how MRRT may affect them. |
| How to determine mining expenditure |
| A taxpayer's mining expenditure for a mining project interest (MPI) includes expenditure necessarily incurred in carrying on upstream mining operations for the MPI. The expenditure may be of a revenue or capital nature. |
| How to determine mining revenue |
| A taxpayer's mining revenue for a mining project interest is the sum of certain amounts from a mining revenue event or as other revenue for the mining project interest for an MRRT year. Generally, a mining revenue event is triggered by the sale, use or export of iron ore or coal. |
| How to determine MRRT |
| A taxpayer's MRRT payable is the sum of the MRRT liabilities for each of their project interests reduced by any available offsets. MRRT taxpayers may benefit from understanding how to calculate MRRT payable. |
| Instructions for MRRT instalment liability notice |
| Instructions for completing the MRRT instalment liability notice. |
| Instructions for MRRT return |
| Instructions for completing the minerals resource rent tax (MRRT) return. |
| Instructions for MRRT return MPI schedule |
| Instructions for completing the minerals resource rent tax (MRRT) return mining project interest (MPI) schedule. |
| Instructions for MRRT return PMPI schedule |
| Instructions for completing the minerals resource rent tax (MRRT) return pre-mining project interest (PMPI) schedule. |
| Instructions for MRRT starting base return |
| Instructions for completing the minerals resource rent tax (MRRT) starting base return. |
| Integrity measures |
| Two general integrity measures are contained in the MRRT. These are a general anti-profit shifting rule and a general anti-avoidance rule. |
| Key features, concepts and background to MRRT |
| Taxpayers may benefit from developing a general understanding of the key features of MRRT. The MRRT introduces a number of new terms and concepts. These are used throughout the legislation and are integral to the operation of the MRRT. |
| Lodging, reporting and paying |
| This document outlines key dates and information which will assist taxpayers in meeting any potential MRRT obligations. These obligations may include starting base returns, MRRT instalments and returns. |
| Minerals resource rent tax - Introduction |
| From 1 July 2012 the minerals resource rent tax (MRRT) applies to certain profits from iron ore and coal extracted in Australia. Taxpayers who may have MRRT obligations will find information here on aspects of the tax. |
| Minerals resource rent tax (MRRT) instalment liability notice |
| Complete and lodge this notice to notify us of your minerals resource rent tax (MRRT) instalments or if you no longer have MRRT instalment obligations. |
| Minerals resource rent tax (MRRT) instalments guide |
| Information about how the minerals resource rent tax (MRRT) instalments system operates. |
| Minerals resource rent tax (MRRT) return |
| Complete and lodge this MRRT return to notify of the entity's MRRT payable, that the entity no longer has MRRT return obligations or that the entity has chosen the simplified MRRT method for an MRRT year. |
| Minerals resource rent tax (MRRT) return mining project interest (MPI) schedule |
| Complete and lodge this minerals resource rent tax (MRRT) return mining project interest (MPI) schedule to notify of the entity's MRRT liability for each MPI. This schedule must accompany the entity's MRRT return for an MRRT year. |
| Minerals resource rent tax (MRRT) return pre-mining project interest (PMPI) schedule |
| Complete and lodge this MRRT return pre-mining project interest (PMPI) schedule to notify of the entity's revenue and expenditure for every pre-mining project interest (PMPI) or residual mining project interest (MPI) the entity had which generated revenue or expenditure during the return period. |
| Minerals resource rent tax (MRRT) starting base return |
| Complete and lodge this MRRT starting base return to notify of the entity's MRRT starting base details, including starting base valuation choice, for the entity's MRRT mining project interests (MPIs) and pre-mining project interests (PMPIs). |
| Minerals resource rent tax (MRRT) starting base return guide |
| Guide for completing the minerals resource rent tax (MRRT) starting base return. |
| MRRT starting base - valuations |
| All interests in coal and iron ore tenements that existed on 1 May 2010 will be eligible for a starting base. The starting base provides a partial tax shield against minerals resource rent tax (MRRT) liability by recognising the value, as at 1 May 2010, of investments made up until that date. |
| News about MRRT |
| MRRT Update - February 2013 |
| Notification of change to minerals resource rent tax (MRRT) registration |
| Complete and lodge this notification if you want to change details of the entity's MRRT registration. |
| Notification of choice made to consolidate for minerals resource rent tax (MRRT) |
| Use this form to notify us that you have chosen to consolidate for MRRT. |
| Proposed resource rent tax arrangements - ATO's approach to administrative penalties during the transitional period |
| The ATO's practical approach to the assessment and remission of penalties for administrative positions which are not reasonably arguable, or for false or misleading statements during the transitional period for MRRT and extended PRRT. |
| The ATO's administrative approach to MRRT |
| The introduction of a new tax may affect taxpayers' understanding of their rights, entitlements and obligations under the new law. The ATO's approach considers the individual facts and circumstances of each case, including where a genuine attempt has been made to comply with the new law. |
| The ATO's administrative approach to resource rent tax examinations of joint ventures |
| Sets out what taxpayers can expect when the ATO examines a joint venture arrangement for the minerals resource rent tax (MRRT), petroleum resource rent tax (PRRT), and the extension to the PRRT. |
| Who MRRT affects |
| MRRT applies to certain profits made from the extraction of iron ore and coal from new and existing mines in Australia. Taxpayers who are exploring for, or producing coal or iron ore may need to consider how they may be affected by MRRT. |
| Winding down an interest |
| Suspending or terminating a project interest may impact a taxpayer's other MRRT liabilities and obligations. Taxpayers may also be eligible for a rehabilitation offset. Taxpayers may benefit from an understanding of the consequences of suspending or terminating a project interest. |