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

49   At the end of section 160-15

Add:

(5) If this Division has given rise to a mining adjustment in relation to an original amount of *mining expenditure to which subsection 30-40(2) applies, that subsection has effect as if:

(a) the adjustment mentioned in column 3 of the table in subsection (1) of this section had not been made; and

(b) the original amount had instead been increased or decreased (as the case requires) as mentioned in column 2 of that table by the amount of the adjustment.

(6) If this Division has given rise to a mining adjustment in relation to an original amount of *pre-mining expenditure to which paragraph 70-40(2)(b) applies, and to which subsection 30-40(2) would have applied if the pre-mining expenditure had been mining expenditure for a mining project interest, that paragraph has effect as if:

(a) the adjustment mentioned in column 3 of the table in subsection (1) of this section had not been made; and

(b) the original amount had instead been increased or decreased (as the case requires) as mentioned in column 2 of that table by the amount of the adjustment.