MINERALS RESOURCE RENT TAX (IMPOSITION - GENERAL) ACT 2012 [REPEALED]

SECTION 1   1   SHORT TITLE  
This Act may be cited as the Minerals Resource Rent Tax (Imposition - General) Act 2012.

SECTION 2   2   COMMENCEMENT  
This Act commences on 1 July 2012.

SECTION 3   IMPOSITION  

3(1)  
Minerals resource rent tax payable under the Minerals Resource Rent Tax Act 2012 is imposed.

3(2)  
However, this section imposes minerals resource rent tax only so far as that tax is neither a duty of customs nor a duty of excise within the meaning of section 55 of the Constitution.

SECTION 4   4   THE MRRT RATE  
The MRRT rate is:

30% × (1 - Extraction factor)

where:

extraction factor
is 25%.

SECTION 5   ACT DOES NOT IMPOSE A TAX ON PROPERTY OF A STATE  

5(1)  
This Act does not impose a tax on property of any kind belonging to a State.

5(2)  
In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.