Income Tax Assessment Act 1997
A CMPTI processing activity is a processing activity carried on at one or more facilities in Australia that: (a) involves substantially transforming a feedstock containing a * critical mineral through extractive metallurgical processing into a purer or more refined form of the critical mineral that is chemically distinct from the feedstock; or (b) is a processing activity that:
(i) relates to one or more critical minerals; and
(ii) is of a kind prescribed by the regulations; and
(iii) produces an outcome of a kind prescribed by the regulations;
if a substantial purpose for carrying on the activity is to achieve the transformation mentioned in paragraph (a) or the outcome mentioned in paragraph (b) (as applicable).
Note:
To be relevant for the tax offset, the activity will need to be:
419-20(2)
However, none of the following activities is a CMPTI processing activity : (a) mining; (b) beneficiation (including the grinding, crushing, floating and other mechanical processing of ores), except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b) ; (c) manufacturing, except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b) ; (d) an activity that is contrary to an * Australian law; (e) an activity of a kind prescribed by the regulations.
Note:
Since subsection (1) is subject to this subsection, an activity that could be covered by both paragraphs (1)(b) and (2)(e) will not be a CMPTI processing activity.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.