MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-3 - MINING PROFITS  

Division 35 - Mining expenditure  

Subdivision 35-B - Excluded expenditure  

SECTION 35-70   REHABILITATION BOND AND TRUST PAYMENTS  

35-70(1)  
An amount of expenditure is excluded expenditure to the extent that it is provided as security (however described) for rehabilitation of the * project area for a mining project interest.

35-70(2)  
An amount of expenditure that is incurred by a trustee or bondholder out of an amount provided as security as mentioned in subsection (1) is taken to have been incurred by a miner in relation to a mining project interest to the extent that:


(a) the amount is for rehabilitation of an area; and


(b) the area is the * project area for the mining project interest the miner has at the time the amount is incurred; and


(c) if more than one miner has a mining project interest in relation to that project area at that time - the rehabilitation reasonably relates to the mining project interest.

Note:

The trustee or bondholder is required to give the miner the information it needs to determine the extent, if any, to which the amount is mining expenditure for the miner: see Division 121 in Schedule 1 to the Taxation Administration Act 1953 .




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