Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (96 of 2014)

Schedule 1   Minerals resource rent tax

Part 2   Consequential amendments

Taxation Administration Act 1953

90   Paragraph 284-90(3)(a) in Schedule 1

Repeal the paragraph, substitute:

(a) unless paragraph (b) applies - the greater of $10,000 or 1% of whichever of the following applies:

(i) the income tax payable by the entity for the income year, worked out on the basis of the entity's *income tax return;

(ii) the *petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) most closely corresponding to the income year, worked out on the basis of the entity's return under Division 1 of Part VI of that Act; or