MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-3 - MINING PROFITS  

Division 30 - Mining revenue  

Subdivision 30-B - Revenue from supply, export or use of taxable resources  

SECTION 30-30   MEANING OF ARM ' S LENGTH CONSIDERATION  

30-30(1)  
The arm ' s length consideration for a * supply is the amount that would reasonably be expected to be received or receivable by the miner as consideration for the supply if:


(a) the miner made the supply under an agreement between the miner and another * entity ; and


(b) they were dealing wholly independently with one another in relation to the supply.

30-30(2)  
The method used to determine that amount is to be the method that produces the most appropriate and reliable measure of that amount having regard to:


(a) the miner ' s circumstances, including, but not limited to, the functions performed, assets used, and risks borne by the miner in carrying on its * mining operations , * transformative operations and * resource marketing operations for the mining project interest; and


(b) the available information.

30-30(3)  
However, if it is not possible to work out the arm ' s length consideration in accordance with subsections (1) and (2) , the arm ' s length consideration for a * supply is the amount that is, in the Commissioner ' s opinion, fair and reasonable.




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