MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-3 - ADJUSTING MRRT LIABILITIES  

Division 160 - Adjustments to revenue and expenditure of project interests  

Operative provisions  

SECTION 160-10   MINING ADJUSTMENTS  

160-10(1)    
An event or circumstance gives rise to an adjustment under this Division (a mining adjustment ) for the * MRRT year in which the event or circumstance happens if:

(a) due to assumptions or estimates that were made, the event or circumstance was not taken into account in relation to the inclusion (or non-inclusion) of an amount (the original amount ) in:

(i) * mining revenue or * mining expenditure for a mining project interest; or

(ii) * pre-mining revenue or * pre-mining expenditure for a * pre-mining project interest ; and

(b) it becomes more likely than not that those assumptions or estimates are incorrect; and

(c) taking the event or circumstance into account, as if they formed part of the circumstances that gave rise to the original amount, would have led to a different result in relation to the original amount.

Note:

Subsection 160-15(3) modifies the application of this section if a previous adjustment has been made under this Division in relation to the original amount.

160-10(2)    
The amount of the mining adjustment is the amount of that difference.

160-10(3)    
Without limiting subsection (1) , the event or circumstance may be:

(a) a change in the extent to which an asset is used for a particular purpose; or

(b) the whole or part of a debt being written off as bad, or the whole or part of an amount written off as bad being recovered.

160-10(4)    
Without limiting subsection (1) , the amount of the mining adjustment may be greater than the original amount.

Example:

An original amount of $ 48 million is included in a miner ' s mining expenditure for an MRRT year. If, taking into account a circumstance or event that happens in a later MRRT year, the original amount would have instead been an amount of $ 12 million included in the miner ' s mining revenue for the MRRT year, the difference is $ 60 million.