MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
A miner may choose to use the simplified MRRT method for an * MRRT year if the sum (the miner ' s group profit ) of each of the following * entities ' profit worked out under section 200-15 for that year is less than $ 75 million:
(a) the miner;
(b) an entity * connected with the miner;
(c) an * affiliate of the miner;
(d) an entity of which the miner is an affiliate;
(e) an affiliate of an entity covered by paragraph (b);
(f) an entity connected with an entity covered by paragraph (b), (c) or (d).
A miner may also choose to use the simplified MRRT method for an * MRRT year if:
(a) the miner ' s group profit for that year is less than $ 250 million; and
(b) none of the * entities mentioned in subsection (1) has a mining project interest covered by subsection (3) for the year. 200-10(3)
A mining project interest is covered by this subsection for an * MRRT year if the difference between:
(a) the sum of the amounts mentioned in paragraph 60-25(1)(a) for that interest for that year; and
(b) the sum of any amounts received or receivable in that year as mentioned in subsection 60-30(1) in relation to the amounts mentioned in that paragraph;
is less than 25 % of the amount of the * entity ' s profit (worked out under section 200-15 ) for that year that relates to that interest.
Paragraph 60-25(1)(a) is about liabilities that give rise to royalty credits. These amounts are not the same as the royalty credits, which are grossed up under paragraph 60-25(1)(b).200-10(4)
The choice must be given to the Commissioner.
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