MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 2
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GENERAL LIABILITY RULES
PART 2-4
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LOW PROFIT OFFSETS
Division 45
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Low profit offsets
Guide to Division 45
SECTION 45-1
WHAT THIS DIVISION IS ABOUT
A miner is entitled to an offset for an MRRT year if the miner ' s group mining profit for the year is less than $ 125 million.
If that profit is less than or equal to $ 75 million, an offset reduces the amount of MRRT the miner must pay for the year to nil.
An offset phases out between profits of $ 75 million and $ 125 million, so that the miner is not immediately subjected to a full MRRT liability when the miner ' s group profit exceeds $ 75 million.
| Operative provisions | |
| 45-5 | Low profit offset - profits not greater than $ 75 million |
| 45-10 | Low profit offset - profits greater than $ 75 million and less than $ 125 million |
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