Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 419 - Critical minerals (tax offset for Australian production expenditure)  

Subdivision 419-C - Registering activities and facilities for the CMPTI tax offset  

SECTION 419-50   A registration is in force for up to 10 income years  

Usual case

419-50(1)    
The registration of a company ' s * registered CMPTI processing activity is in force for the 10-year period starting at the start of the income year chosen under subsection (2) .

419-50(2)    
The company may choose:

(a)    the income year in which the * Industry Secretary receives the company ' s application for registration of the activity under subsection 419-35(2) ; or

(b)    a later income year.

The way the company prepares its * income tax returns is sufficient evidence of the making of the choice.

419-50(3)    
A choice under subsection (2) is irrevocable.

If the registration is a transfer or re-registration

419-50(4)    
Despite subsection (1) , if the registration of a company ' s * registered CMPTI processing activity:

(a)    results from a transfer under subsection 419-55(2) of a registration that has already come into force; or

(b)    will not be the first registration of the activity under subsection 419-35(2) that has come into force for any company;

the registration of the company ' s registered CMPTI processing activity comes into force at the start of the income year that includes the day the * Industry Secretary receives the application that results in that registration.

419-50(5)    
The registration ceases to be in force at the same time that the first registration of the activity:

(a)    under subsection 419-35(2) ; and

(b)    that came into force for any company;

would have ceased to be in force if that first registration had continued in force for its full 10-year period.

If the activity is similar to another registered activity

419-50(6)    
Despite subsections (1) , (4) and (5) , if the * Industry Secretary decides that:

(a)    the company ' s * registered CMPTI processing activity (the current activity ) is similar to another activity that is or was a registered CMPTI processing activity of any company; and

(b)    the registration of the other activity is the first to have come into force;

then:

(c)    unless paragraph (d) applies - the registration of the current activity ceases to be in force at the same time that the registration of the other activity ceases to be in force; or

(d)    if the registration of the other activity has already ceased to be in force - the current activity is taken, for the purposes of this Division, never to have been registered for the company and any income year.

419-50(7)    
The * Industry Secretary must take the following into account in deciding under subsection (6) , whether an activity is similar to another activity:

(a)    the extent to which the assets and facilities used in carrying on one activity are used in carrying on the other activity;

(b)    the extent to which the processes and operations undertaken as part of one activity are the same as those undertaken as part of the other activity;

(c)    the extent of similarity between the inputs to and outputs of the activities;

(d)    if the activities are carried on by different companies, the nature of any arrangements between those companies in respect of the activities;

(e)    it is irrelevant if the other activity is no longer being carried on;

(f)    any other criteria prescribed by the regulations.

The 10-year registration period is subject to revocation

(8)    
Nothing in this section prevents a company ' s registration from being revoked under section 419-70 .