MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
Mining royalties paid to the Commonwealth, States and Territories reduce a miner ' s MRRT liabilities for a mining project interest.
To work out the royalty allowance, the amount of the royalty is grossed-up using the MRRT rate, in effect reducing the MRRT liability by the amount of the royalty.
Royalty credits that are not applied in an MRRT year are uplifted and may be able to be applied in later years.
Royalty credits are reduced if a miner recoups an amount giving rise to a royalty credit.
Royalty credits that are not applied to a royalty allowance may be applied to transferred royalty allowances for other mining project interests (see Division 65 ).
|60-5||Objects of this Division|
|60-10||When a miner has a royalty allowance|
|60-15||The amount of a royalty allowance|
|60-20||When a royalty credit arises|
|60-25||Amount of a royalty credit|
|60-30||Royalty credits reduced by recoupments|