Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 (14 of 2012)

Schedule 4   Application and transitional provisions

Part 4   Specialist liability rules

10   Substituted accounting periods

Despite section 10-25 of the Minerals Resource Rent Tax Act 2012, if:

(a) a miner has, under section 18 of the Income Tax Assessment Act 1936, accounting periods that are not financial years; and

(b) one of those accounting periods starts before 1 July 2012 and ends after that day;

the period starting on 1 July 2012 and ending at the end of that accounting period is an MRRT year .