MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-4 - LOW PROFIT OFFSETS  

Division 45 - Low profit offsets  

Operative provisions  

SECTION 45-5   LOW PROFIT OFFSET - PROFITS NOT GREATER THAN $ 75 MILLION  

45-5(1)  
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).

Note 1:

An offset under this section reduces the amount of MRRT that a miner must pay for an MRRT year: see section 10-15 .

Note 2:

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.




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