MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-2 - MINING PROJECT INTERESTS  

Division 15 - Mining project interests  

Operative provisions  

SECTION 15-15   MEANING OF PRODUCTION RIGHT  

15-15(1)  
A production right is:


(a) an authority or right (however described) under an * Australian law to extract a * taxable resource from a particular area in * Australia ; or


(b) if an authority or right (however described) under an Australian law is not required to extract a taxable resource from a particular area - an interest in an area in * Australia that allows a person to extract a taxable resource from the area.

Examples:

The following are some examples of production rights:

  • (a) a mining lease;
  • (b) a mining lease subject to environmental approval;
  • (c) a mining licence.
  • 15-15(2)  
    However, an * exploration right is not a production right .

    Note:

    An exploration right may give rise to a pre-mining project interest: see section 70-25 .




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