MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-1 - MINING PROJECT INTERESTS  

Division 130 - Winding down mining project interests  

Operative provisions  

SECTION 130-10   SUSPENSION DAYS FOR MINING PROJECT INTERESTS  

130-10(1)  
The suspension day for a mining project interest is the earliest of the following:


(a) the day, occurring after the day on which commercial production of * taxable resources from the * project area for the mining project interest ceased, chosen by the miner who has the mining project interest;


(b) the day occurring 10 years after the day on which commercial production of taxable resources from the project area for the mining project interest most recently took place;


(c) the * termination day for the mining project interest.

130-10(2)  
A miner may choose the * suspension day for a mining project interest that the miner has if commercial production of * taxable resources from the * project area for the mining project interest has ceased.

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.

130-10(3)  
Without limiting the matters that may be taken into account in determining, for the purposes of this section, whether commercial production of * taxable resources from the * project area takes place, the following are to be taken into account:


(a) past and current production of taxable resources from the project area;


(b) past and current expenditure relating to the * upstream mining operations for the mining project interest;


(c) the extent to which mining equipment used in carrying on those upstream mining operations has been decommissioned.

130-10(4)  
The choice must be given to the Commissioner.


 

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