• Section B: MRRT return details

    Question 13: Has the entity made the choice to use the simplified MRRT method for the return period?

    If the entity is not eligible to, or has not chosen to use the simplified MRRT method for the MRRT return period, place an X in the ‘No’ box.

    If the entity is eligible, and has chosen to use the simplified MRRT method for the MRRT return period, place an X in the ‘Yes’ box.

    Find out more

    MRRT adjustments, concessions and offsets 

    End of find out more

    Instructions for simplified MRRT method taxpayers

    Attention

    An entity that chooses the simplified MRRT method for an MRRT year will not be required to complete the Minerals resource rent tax (MRRT) return mining project interest (MPI) schedule or the Minerals resource rent tax (MRRT) return pre-mining project interest (PMPI) schedule for any of its interests.

    End of attention

    If the entity has no MRRT instalments payable for the MRRT year, go to Section C.

    If the entity has MRRT instalments payable for the MRRT year (regardless of whether it has paid them), to be able to claim a credit for those instalments, an assessment of the entity's MRRT needs to be made. For the assessment to be made you need to:

    • insert a 0 (zero) at 15H (MRRT payable) as an entity that has chosen the simplified MRRT method for an MRRT year will not be liable to pay MRRT for that MRRT year
    • insert the total MRRT instalments payable (regardless of whether the entity has paid them all) less any instalment credits claimed at 15I
    • if the entity has made a final payment of MRRT, insert the amount paid at 15J
    • insert the entity’s refund amount at 15M. This is the sum of the total MRRT instalments payable (15I) and the final payment made (15J).

    Find out more

    MRRT adjustments, concessions and offsets 

    End of find out more

    Question 14: Total instalment income

    Insert at label 14A the total instalment income for all MPIs the entity had and PMPIs the entity held at the end of the MRRT return period. Exclude instalment income arising from project interests the entity held at any time during the return period but did not hold at the end of the return period. The total instalment income will usually be the sum of label 9A values from any attached MRRT return MPI schedules.

    Question 15: Calculation statement

    Attention

    For instructions for completing the calculation statement for entities who chose to use the simplified MRRT method and have MRRT instalments payable for the MRRT year, see 'Instructions for MRRT simplified method taxpayers' at question 13.

    End of attention

    Sum of all mining profits

    Insert at label 15B the sum of the entity’s mining profits. This is the sum of all label 14F values from any attached MRRT return MPI schedules. Label 14F in the schedule contains the mining profit for a particular MPI or PMPI.

    Sum of all MRRT allowances

    Insert at label 15C the sum of the entity’s MRRT allowances. This is the sum of all label 22O values from any attached MRRT return MPI schedules. Label 22O of the schedule contains the sum of allowances arising for a particular MPI or PMPI.

    Taxable mining profit

    Insert at label 15D the entity’s taxable mining profit. This is the sum of the entity’s mining profits (15B) less the sum of the entity’s MRRT allowances (15C). If the amount at label 15C is greater than the amount at label 15B then insert a 0 (zero) at label 15D.

    Total MRRT liabilities

    Insert at label 15E the entity’s total MRRT liabilities. This is the entity’s taxable mining profit (15D) multiplied by the effective MRRT rate of 22.5% (0.225).

    Low profit offset

    Insert at label 15F the low profit offset (if any) the entity has used to reduce the amount of MRRT payable.

    Find out more

    MRRT adjustments, concessions and offsets 

    End of find out more

    Sum of rehabilitation tax offsets

    Insert at label 15G the entity’s rehabilitation tax offset (if any). This is the sum of all label 25R values from any attached MRRT return MPI schedules, capped to a maximum of the total amount of MRRT the entity has been liable to pay for all earlier years plus the sum of the entity’s MRRT liabilities for the current year less any low profit offset.

    Find out more

    MRRT adjustments, concessions and offsets 

    End of find out more

    MRRT payable

    Insert at label 15H the entity’s MRRT payable. This is the entity’s total MRRT liabilities (15E) less any low profit offset (15F) less any rehabilitation tax offset (15G).

    If application of the entity’s rehabilitation tax offset would result in the entity having a negative number at 15H, insert a 0 (zero) at 15H and insert the balance of the rehabilitation tax offset at 15K. The balance of the rehabilitation tax offset is refundable.

    For example, assume an entity has total MRRT liabilities of $80 million (15E), a low profit offset of $60 million (15F) and a rehabilitation tax offset of $30 million (15G). The entity’s total MRRT liabilities of $80 million minus its available offsets of $90 million would give it an MRRT payable amount of – $10 million. As an entity cannot have a negative MRRT payable, you would insert a 0 (zero) into MRRT payable (15H), and insert the remaining $10 million into the balance of the rehabilitation tax offset (15K).

    Total MRRT instalments payable

    Insert at label 15I the entity’s total MRRT instalments payable (less any instalment credits claimed) for the MRRT return period. This is the sum of the label 6H amounts from all MRRT instalment liability notices for the MRRT year.

    Attention

    The full amount of MRRT instalments payable should be included even if the entity has not actually paid any instalments or has only paid part of the instalments.

    End of attention

    Find out more

    MRRT instalments 

    End of find out more

    Final payment made

    Insert at label 15J any final payment towards the entity’s MRRT payable for the period to which this return relates. The entity may have made a final payment if the entity’s MRRT return payment was due before its MRRT return (that is when the entity was given further time to lodge its MRRT return).

    For example, assume an entity’s payment date for its MRRT return is 1 December but it is not required to lodge its MRRT return until 1 January because the Commissioner has allowed further time for lodgment of its MRRT return. The entity paid $8 million in instalments for the MRRT year but at the end of the MRRT year calculated its MRRT payable to be $8.2 million. The entity paid an additional $200,000 on 1 December. When it lodges its return on 1 January, it will include $200,000 at label 15J.

    Find out more

    Lodging, reporting and paying

    End of find out more

    Balance of the sum of rehabilitation tax offsets

    Insert at label 15K the balance of the rehabilitation tax offset (if any) that was calculated at label 15H. This is the amount that would have reduced the MRRT payable at label 15H beyond 0 (zero).

    Attention

    This ensures that the excess of the rehabilitation tax offset over the entity’s MRRT payable will be refunded to the entity (or offset against any other tax debts the entity has).

    End of attention

    Payment or refund amount

    Insert at label 15L the entity’s payment or refund amount. This is the entity’s MRRT payable (15H) less total MRRT instalments payable (15I) less any final payment made (15J) less the balance of the sum of rehabilitation tax offsets (15K).

    If the entity's MRRT payable (15H) less total MRRT instalments payable (15I) less final payment made (15J) less balance of the rehabilitation tax offset (15K) is:

    • a positive amount, this is the amount of additional MRRT the entity owes. Insert this amount at label 15L and leave label 15M blank.
    • 0 (zero), the entity will not have a payment or refund due. Insert a 0 (zero) at 15L and leave 15M blank.
    • a negative amount, this is the amount the ATO will refund (or offset against any other tax debt the entity has). Insert this amount at label 15M (without the - symbol) and leave label 15L blank.
    Last modified: 13 Sep 2013QC 26706