Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Minerals Resource Rent Tax Act 2012

17   Subsection 80-45(1) (paragraph (b) of the definition of uplift factor )

Repeal the paragraph, substitute:

(b) if, under Division 85, the market value approach is the valuation approach for the mining project interest:

Sum of the *index numbers for the quarters in the year ending on 31 March just before the start of the relevant financial year / Sum of the *index numbers for the quarters in the year ending on the previous 31 March

where:

relevant financial year is:

(i) if the *MRRT year is a *financial year - the MRRT year; or

(ii) if the MRRT year is not a financial year - the financial year corresponding to the MRRT year.