Section B: MRRT quarterly instalment details

Question 4: Instalment period for this notice

Insert the instalment period for the notice at question 4 by inserting the day, month and year of the:

• first day of the instalment period in the first set of boxes
• last day of the instalment period in the second set of boxes.

The entity’s accounting period for MRRT is the same as its accounting period for income tax.

If the entity uses a standard MRRT accounting period, its first quarter is 1 July to 30 September, its second quarter is 1 October to 31 December, its third quarter is 1 January to 31 March, and its fourth quarter is 1 April to 30 June.

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If the entity uses a substituted accounting period, or its current MRRT year is longer or shorter than 12 months, refer to MRRT instalments for more information on how to work out the instalment period.

Question 5: Are you varying your instalment rate?

If the entity has chosen to vary its instalment rate for the quarter, place an X in the ‘Yes’ box at question 5. If you choose ‘Yes’, you need to give the entity’s reason for varying. Do this by choosing the most appropriate reason code from the list provided and putting the code in the blank double box on the right of the ‘Yes’ box. Even if the entity has multiple reasons for varying its rate, insert only one reason code.

You should only choose 'Yes' at question 5 if you have chosen to vary your instalment rate in the instalment period to which this statement relates. Do not answer 'Yes' if you are using any of the following:

• a default rate
• a nil rate determination
• a Commissioner's rate
• a varied rate you chose in the previous instalment period.

Find out more

For information about varied rates and how to vary the rate for a quarter, refer to MRRT instalments.

Question 6: MRRT quarterly instalment liability

We use the information you provide at question 6 to calculate the entity’s instalment liability amount or refund for the quarter.

At label A, insert the entity’s total instalment income relating to coal or other taxable resources (if any) for the quarter. Other taxable resources include:

• anything produced from a process that results in coal or iron ore being consumed or destroyed without extraction
• coal seam gas extracted as a necessary incident of mining coal.

If the entity does not mine coal, leave label A blank. If the entity does mine coal, but does not have any instalment income relating to coal for the quarter, insert a 0 (zero) at label A.

At label B, insert the entity’s total instalment income relating to iron ore (if any) for the quarter.

If the entity does not mine iron ore, leave label B blank. If the entity does mine iron ore, but does not have any instalment income relating to iron ore for the quarter, insert a 0 (zero) at label B.

At label C, insert the total of the amounts from labels A and B, or insert a 0 (zero) if the entity has no instalment income for the quarter.

If the entity uses an applicable functional currency, do both of the following:

• calculate the instalment income for coal and iron ore for the quarter in the applicable functional currency
• translate the instalment income for coal and/or iron ore for the quarter into Australian dollars at the exchange rate on the last day of the instalment quarter.

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For information about working out the entity’s instalment income for a quarter, refer to MRRT instalments.

For information about functional currency, refer to Accounting for MRRT.

At label D, insert the entity’s MRRT instalment rate. The entity’s applicable instalment rate could be a default rate (or blended default rate if it mines both iron ore and coal), a Commissioner’s rate, or a rate the entity has chosen.

If you have an instalment rate of 0 (zero), insert 0 at label D. Do not leave label D blank.

Find out more

For information about working out the instalment rate for a quarter, refer to MRRT instalments.

At label E, insert the entity’s total MRRT instalment liability for the quarter. That is, the amount at label C multiplied by the instalment rate at label D.

At label F, insert any amount the entity is claiming as a credit for previous instalments in the same MRRT year due to a variation to the entity’s rate for the quarter to which this statement relates.

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For information about working out whether the entity can claim a variation credit and how to work out the amount of the credit, refer to MRRT instalments.

At label G, insert any amount the entity is claiming as a credit for previous instalments in the same MRRT year because the entity has transferred the whole or part of a mining project interest or pre-mining project interest during the quarter to which this statement relates.

Find out more

For information about working out whether the entity can claim a credit for a transfer of a project interest and how to work out the amount of a credit, refer to MRRT instalments.

Payment or refund amount

At label H, calculate the entity’s payment or refund amount by subtracting any credits shown at labels F and/or G from the total quarterly instalment liability shown at label E. If this amount is a negative amount, this is the amount we owe the entity. Include this amount (without any symbols, such as -) at label H. If the amount is a positive amount, this is the MRRT instalment amount the entity owes us. Include this amount (without any symbols, such as +) at label H.

Question 7: Will this be the entity’s final instalment?

If this is the entity’s final MRRT instalment place an X in the ‘Yes’ box at question 7. If this is the entity's final MRRT instalment because it has sold or transferred all its project interests, place an X the corresponding box. If that is not the reason, place an X in the ‘Other’ box and specify why this is the entity’s final instalment in the blank box. Even if you have multiple reasons for this being the last instalment, place an X in one box only.