MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 190 - Substituted accounting periods  

Operative provisions  

SECTION 190-25   190-25   THE EFFECT OF TRANSITIONAL ACCOUNTING PERIODS ON UPLIFT FACTORS  
For the purpose of working out an * allowance component or a * base value for an * MRRT year immediately following a transitional accounting period, a component of a formula for working out the allowance component or base value that is an uplift factor is taken to be:

Initial uplift factor n

where:

initial uplift factor
is what the uplift factor would be apart from this section.

n
is the number of days in the transitional accounting period, divided by 365.

Note:

There are uplift factors for the following:

  • (a) royalty credits (section 60-25 );
  • (b) pre-mining losses (section 70-50 );
  • (c) mining losses (section 75-20 );
  • (d) starting base losses (section 80-45 );
  • (e) base values for starting base assets under the book value approach (section 90-30 ).



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