MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
To the extent an amount that is received or becomes receivable by a miner is by way of * recoupment of a liability that gives rise to a * royalty credit for a mining project interest the miner has:
(a) the amount is to be increased by dividing it by the * MRRT rate ; and
(b) that increased amount is applied to reduce royalty credits for the interest:
(i) in the * MRRT year in which the amount is received or becomes receivable (the recoupment year ); and
(ii) in the order in which the royalty credits arise; and
(iii) before applying the royalty credits in working out a * royalty allowance or a * transferred royalty allowance for the recoupment year.
Paragraph (a) grosses-up the recoupment in the same way that section 60-25 grosses-up the liability giving rise to the royalty credit.60-30(2)
If the increased amount exceeds the sum of those * royalty credits , section 30-45 applies to the excess (the excess royalty recoupment ) in the recoupment year.
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