MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
A miner has an offset for an * MRRT year if the sum of the * mining profits (the miner ' s group mining profit ) for the year of each mining project interest of the following * entities is less than or equal to $ 75 million:
(a) the miner;
(b) an entity * connected with the miner;
(c) an * affiliate of the miner;
(d) an entity of which the miner is an affiliate;
(e) an affiliate of an entity covered by paragraph (b);
(f) an entity connected with an entity covered by paragraph (b), (c) or (d).
An offset under this section reduces the amount of MRRT that a miner must pay for an MRRT year: see section 10-15 .
If the MRRT year is not a 12-month period, the miner ' s group mining profit is affected by section 190-20 (substituted accounting periods).45-5(2)
The amount of the miner ' s offset for the * MRRT year is the sum of the miner ' s * MRRT liabilities for each of the miner ' s mining project interests for the year.