MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-8 - MISCELLANEOUS  

Division 225 - Rehabilitation tax offsets  

Operative provisions  

SECTION 225-25   APPLICATION OF REHABILITATION TAX OFFSETS  

225-25(1)  
If an * entity has a * rehabilitation tax offset for an * MRRT year , the amount of MRRT that (apart from this section) the entity must pay for the MRRT year is reduced by the amount of the offset.

Note:

The amount to be reduced is the amount payable under section 10-1 (which relates to all of the entity ' s mining project interests and pre-mining project interests), as reduced by any low profit offset under section 10-15 .

225-25(2)  
However, if the amount of the offset exceeds the amount of MRRT that (apart from this section) the * entity must pay for the * MRRT year :


(a) the entity is not required to pay MRRT for the MRRT year; and


(b) the Commissioner must, on behalf of the Commonwealth, pay to the entity the amount of the excess.

Note 1:

See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the entity. Division 3 of Part IIB of that Act allows the Commissioner to apply the amount owing as a credit against tax debts that the entity owes to the Commonwealth.

Note 2:

Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.

225-25(3)  
If the amount paid under paragraph (2)(b), or applied under the Taxation Administration Act 1953 , exceeds the * entity ' s proper entitlement under that paragraph, that excess is to be treated as if it were MRRT that became payable, and due for payment, by the entity at the time when the amount was so paid or applied.

Note:

The main effect of treating the amount as if it were MRRT is to apply the collection and recovery rules in Part 3-10 in Schedule 1 to the Taxation Administration Act 1953 , such as a liability to pay the general interest charge under section 105-80 in that Schedule.




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