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MINERALS RESOURCE RENT TAX ACT 2012 (NO. 13, 2012)
TABLE OF PROVISIONS
CHAPTER 1--Introduction
PART 1-1--PRELIMINARY
Division 1--Preliminary
1.1. Short title
1.5. Commencement
1.10. Object of this Act
1.15. Administration of this Act
1.20. Extension to external Territories
1.25. Extraterritorial application
PART 1-2--A GUIDE TO THIS ACT
Division 2--Overview of this Act
2.1. What this Act is about
2.5. How this Act is arranged
Division 3--Defined terms
3.1. When defined terms are identified
3.5. When terms are not identified
3.10. Identifying the defined term in a definition
Division 4--Status of guides and other non-operative material
4.1. Non-operative material
4.5. Guides
4.10. Other material
CHAPTER 2--General liability rules
PART 2-1--CORE RULES
Division 10--Core rules
10.1. A miner's liability for MRRT
10.5. The MRRT liability for a mining project interest
10.10. MRRT allowances
10.15. The effect of low profits on a miner's liability for MRRT
10.20. Payment of MRRT
10.25. MRRT years
PART 2-2--MINING PROJECT INTERESTS
Division 15--Mining project interests
15.1. What this Division is about
15.5. When an entity has a mining project interest
15.10. Iron ore mining project interests to be kept separate
15.15. Meaning of production right
15.20. Meaning of project area
Division 20--Taxable resources
20.1. What this Division is about
20.5. What are taxable resources
PART 2-3--MINING PROFITS
Division 25--Mining profits
25.1. What this Division is about
25.5. How to work out the mining profit for a mining project interest
Division 30--Mining revenue
30.1. What this Division is about
Subdivision 30-A--A miner's mining revenue
30.5. A miner's mining revenue
Subdivision 30-B--Revenue from supply, export or use of taxable resources
30.10. When amounts from taxable resources etc. are included in mining revenue
30.15. Meaning of mining revenue event
30.20. Meaning of initial supply
30.25. Working out amounts to be included
30.30. Meaning of arm's length consideration
30.35. When supplies are made
Subdivision 30-C--Other revenue
30.40. Recoupment or offsetting of mining expenditure
30.45. Recoupment of payments that give rise to royalty credits
30.50. Compensation for loss of taxable resources
30.55. Amounts that do not relate to a particular mining revenue event
Subdivision 30-D--Miscellaneous
30.60. No double counting
30.65. Expenditure incurred in causing amounts to be received etc.
30.70. Amounts taken to be received
30.75. GST and increasing adjustments
Division 35--Mining expenditure
35.1. What this Division is about
Subdivision 35-A--A miner's mining expenditure
35.5. A miner's mining expenditure
35.10. General expenditure
35.15. Meaning of upstream mining operations
35.20. Meaning of mining operations
35.25. No double counting
Subdivision 35-B--Excluded expenditure
35.35. Cost of acquiring rights and interests in projects
35.40. Royalties
35.45. Meanings of mining royalty and private mining royalty
35.50. Financing costs
35.55. Hire purchase agreements
35.60. Non-adjacent land and buildings used in administrative or accounting activities
35.65. Hedging or foreign exchange arrangements
35.70. Rehabilitation bond and trust payments
35.75. Payments of income tax or GST
Division 40--Valuation point
40.1. What this Division is about
40.5. Meaning of valuation point
PART 2-4--LOW PROFIT OFFSETS
Division 45--Low profit offsets
45.1. What this Division is about
45.5. Low profit offset--profits not greater than $75 million
45.10. Low profit offset--profits greater than $75 million and less than $125 million
PART 2-5--PAYMENT OF MRRT
Division 50--How to work out when to pay MRRT
50.1. What this Division is about
50.5. When assessed MRRT is payable
50.10. When shortfall interest charge is payable
50.15. General interest charge payable on unpaid assessed MRRT or shortfall interest charge
CHAPTER 3--MRRT allowances
PART 3-1--ROYALTY ALLOWANCES
Division 60--Royalty allowances
60.1. What this Division is about
60.5. Objects of this Division
60.10. When a miner has a royalty allowance
60.15. The amount of a royalty allowance
60.20. When a royalty credit arises
60.25. Amount of a royalty credit
60.30. Royalty credits reduced by recoupments
PART 3-2--TRANSFERRED ROYALTY ALLOWANCES
Division 65--Transferred royalty allowances
65.1. What this Division is about
65.5. Object of this Division
65.10. When a miner has a transferred royalty allowance
65.15. The amount of a transferred royalty allowance
65.20. Available royalty credits
PART 3-3--PRE-MINING LOSS ALLOWANCES
Division 70--Pre-mining loss allowances
70.1. What this Division is about
Subdivision 70-A--Object of this Division
70.5. Objects of this Division
Subdivision 70-B--When a miner has a pre-mining loss allowance
70.10. When a miner has a pre-mining loss allowance
70.15. The amount of a pre-mining loss allowance
70.20. Available pre-mining losses for a pre-mining loss allowance
70.25. Meaning of pre-mining project interest etc.
Subdivision 70-C--Pre-mining losses
70.30. Pre-mining losses
70.35. Meaning of pre-mining expenditure etc.
70.40. Meaning of pre-mining revenue
Subdivision 70-D--Amounts of pre-mining losses
70.45. Pre-mining losses for the MRRT years in which they arise
70.50. Pre-mining losses for later MRRT years
PART 3-4--MINING LOSS ALLOWANCES
Division 75--Mining loss allowances
75.1. What this Division is about
75.5. Objects of this Division
75.10. When a miner has a mining loss allowance
75.15. The amount of a mining loss allowance
75.20. Mining losses
PART 3-5--STARTING BASE ALLOWANCES
Division 80--Starting base allowances
80.1. What this Division is about
Subdivision 80-A--Objects of this Division
80.5. Objects of this Division
Subdivision 80-B--When a miner has a starting base allowance
80.10. When a miner has a starting base allowance
80.15. The amount of a starting base allowance
80.20. When a miner has a starting base loss
Subdivision 80-C--Starting base assets
80.25. Meaning of starting base asset
80.30. Treating starting base assets as a single starting base asset
80.35. Mine development expenditure may be a starting base asset
Subdivision 80-D--Amounts of starting base losses
80.40. Starting base losses for the MRRT years in which they arise
80.45. Starting base losses for later MRRT years
80.50. Mining project interests originating from pre-mining project interests with different valuation approaches
Division 85--Valuation approaches
85.1. What this Division is about
85.5. Choosing a valuation approach
85.10. Restriction on specifying the book value approach
85.15. The valuation approach for a mining project interest
Division 90--Declines in value of starting base assets
90.1. What this Division is about
Subdivision 90-A--How to work out the decline in value of a starting base asset
90.5. How to work out the decline in value of a starting base asset
90.10. Write off rates under the book value approach
90.15. Write off rates under the market value approach
Subdivision 90-B--Base values under the book value approach
90.20. Application of this Subdivision
90.25. Initial base value
90.30. Later base values
Subdivision 90-C--Base values under the market value approach
90.35. Application of this Subdivision
90.40. Initial base value
90.45. Mining project interest originating from pre-mining project interests etc.
90.50. Later base values
Subdivision 90-D--Miscellaneous
90.55. Meaning of interim expenditure
90.60. Partial disposal of a starting base asset before the start time
90.65. Recoupment of the value of a starting base asset
PART 3-6--TRANSFERRED PRE-MINING LOSS ALLOWANCES
Division 95--Transferred pre-mining loss allowances
95.1. What this Division is about
95.5. Object of this Division
95.10. When a miner has a transferred pre-mining loss allowance
95.15. The amount of a transferred pre-mining loss allowance
95.20. Available pre-mining losses for a transferred pre-mining loss allowance
95.25. Cap on available pre-mining losses
95.30. The pre-mining loss cap
PART 3-7--TRANSFERRED MINING LOSS ALLOWANCES
Division 100--Transferred mining loss allowances
100.1. What this Division is about
100.5. Object of this Division
100.10. When a miner has a transferred mining loss allowance
100.15. The amount of a transferred mining loss allowance
100.20. Available mining losses
100.25. Common ownership test
CHAPTER 4--Specialist liability rules
PART 4-1--MINING PROJECT INTERESTS
Division 115--Combining mining project interests
115.1. What this Division is about
Subdivision 115-A--Object of this Division
115.5. Object of this Division
Subdivision 115-B--When mining project interests are combined
115.10. Mining project interests may be treated as the same mining project interest
115.15. Choosing to override non-compliance
115.20. Transferability of royalty credits
115.25. Transferability of pre-mining losses
115.30. Transferability of mining losses
115.35. Starting base losses and starting base assets
Subdivision 115-C--The effect of combining mining project interests
115.40. The effect of combining mining project interests
115.45. Allowance components arising in preceding MRRT years
115.50. Different valuation approaches for mining project interests
115.55. Transferred pre-mining loss allowances
115.60. Transferred mining loss allowances
115.65. Choice of the alternative valuation method
Division 120--Transferring mining project interests
120.1. What this Division is about
120.5. Object of this Division
120.10. Effect of mining project transfer
120.15. Effect of transferred property
120.20. Events happening after mining project transfer
120.25. Start of mining venture taken to be mining project transfer
Division 125--Splitting mining project interests
125.1. What this Division is about
125.5. Object of this Division
125.10. Effect of mining project split
125.15. Meaning of split percentage
125.20. Effect of transferred property
125.25. Effect of MRRT liability from earlier years on rehabilitation tax offset amounts
125.30. Events happening after mining project split
125.35. Start of mining venture taken to be mining project split
Division 130--Winding down mining project interests
130.1. What this Division is about
130.5. Object of this Division
130.10. Suspension days for mining project interests
130.15. Extinguishing allowance components
130.20. Restarting commercial production
Division 135--Ending mining project interests
135.1. What this Division is about
135.5. The termination day for a mining project interest
135.10. The effect of renewing or changing production rights
135.15. The effect of renewing or changing mining ventures
135.20. The effect of mining project transfers and mining project splits
135.25. Continuation of obligations etc. after the termination day
PART 4-2--PRE-MINING PROJECT INTERESTS
Division 140--Pre-mining profits and royalty credits
140.1. What this Division is about
Subdivision 140-A--Pre-mining profits
140.5. Pre-mining profits
140.10. Treatment of pre-mining profits--general rule
140.15. Effect on allowance components for other mining project interests
140.20. Treatment of pre-mining profits--mining project interest originating from the pre-mining project interest
Subdivision 140-B--Pre-mining royalty credits
140.25. Pre-mining royalty credits
Division 145--Transferring pre-mining project interests
145.1. What this Division is about
145.5. Object of this Division
145.10. Continuation of pre-mining project interest
145.15. Effects of pre-mining project transfer
145.20. Effect of transferred property
145.25. Events happening after pre-mining project transfer
145.30. Pre-mining project transfer when mining project interest originates
Division 150--Splitting pre-mining project interests
150.1. Guide to Division 150
150.5. Object of this Division
150.10. Continuation of pre-mining project interest
150.15. Effects of pre-mining project split
150.20. Effect of transferred property
150.25. Effect of MRRT liability from earlier years on rehabilitation tax offset amounts
150.30. Events happening after pre-mining project split
150.35. Pre-mining project split when mining project interest originates
Division 155--Ending pre-mining project interests
155.1. What this Division is about
155.5. The termination day for a pre-mining project interest
155.10. The effect of renewing or changing exploration rights
155.15. The effect of pre-mining project transfers and pre-mining project splits
155.20. Continuation of obligations etc. after the termination day
155.25. Extinguishing allowance components
PART 4-3--ADJUSTING MRRT LIABILITIES
Division 160--Adjustments to revenue and expenditure of project interests
160.1. What this Division is about
160.5. Object of this Division
160.10. Mining adjustments
160.15. Effect of mining adjustments on mining revenue, mining expenditure etc.
Division 165--Starting base adjustments
165.1. What this Division is about
Subdivision 165-A--Starting base adjustment events and starting base adjustment amounts
165.5. Starting base adjustment events
165.10. Starting base adjustment amounts
165.15. Reductions in declines in value of starting base assets
Subdivision 165-B--General rules for starting base adjustments
165.20. Starting base adjustments
165.25. The effect of starting base adjustments on starting base losses
165.30. The effect of negative starting base adjustments on mining revenue
Subdivision 165-C--Partial disposal of starting base assets
165.35. Starting base adjustments for partial disposal of starting base assets
165.40. Declines in value of retained parts of starting base assets
165.45. Reductions in starting base losses
165.50. Base value for the next MRRT year
Subdivision 165-D--Miscellaneous
165.55. Use etc. of starting base assets for other mining project interests etc.
165.60. Effect on base value of use etc. of starting base assets after starting base adjustment events
PART 4-4--VALUATION
Division 170--Valuation principles
170.1. What this Division is about
170.5. Valuations to comply with valuation principles
170.10. The valuation principles
Division 175--Alternative valuation method
175.1. What this Division is about
Subdivision 175-A--Object of this Division
175.5. Object of this Division
Subdivision 175-B--Choosing to use the alternative valuation method
175.10. Choosing to use the alternative valuation method
175.15. Group production of taxable resources
Subdivision 175-C--Amounts included in mining revenue under the alternative valuation method
175.20. When amounts are included in mining revenue under the alternative valuation method
175.25. How to work out the single amount
175.30. Unadjusted revenue amounts
175.35. Downstream operating costs
175.40. Depreciation of assets
175.45. Return on capital costs
Division 180--Valuation of starting base assets using the look-back approach
180.1. What this Division is about
180.5. Choosing to apply the look-back approach
180.10. The effect of the look-back approach on valuation of mining project interests
PART 4-5--ACCOUNTING FOR MRRT
Division 185--Currency translation
185.1. What this Division is about
185.5. Objects of this Division
185.10. Translation of amounts into Australian currency
185.15. Functional currency rules
185.20. Functional currency rules--Australian permanent establishments
185.25. Special translation rules
Division 190--Substituted accounting periods
190.1. What this Division is about
190.5. Object of this Division
190.10. Accounting periods recognised for income tax purposes
190.15. Changes in accounting periods
190.20. The effect of transitional accounting periods on threshold amounts
190.25. The effect of transitional accounting periods on uplift factors
Division 195--Non-cash benefits
195.1. What this Division is about
195.5. Object of this Division
195.10. Barter transactions
195.15. Gift transactions
Division 200--Simplified MRRT method
200.1. What this Division is about
200.5. Effect of the simplified MRRT method
200.10. Choosing to use the simplified MRRT method
200.15. Working out an entity's profit for simplified MRRT method purposes
PART 4-6--INTEGRITY MEASURES
Division 205--Anti-profit shifting
205.1. What this Division is about
205.5. Object of Division
205.10. Amounts to reflect independent dealings
205.15. Method to be used when determining amounts for the purposes of this Division
205.20. Commissioner may compensate entity or another entity
205.25. Commissioner determinations
Division 210--Anti-avoidance
210.1. What this Division is about
Subdivision 210-A--Application of this Division
210.5. Object of this Division
210.10. When does this Division apply?
210.15. When does an entity get an MRRT benefit from a scheme?
210.20. Matters to be considered in determining purpose
Subdivision 210-B--Commissioner may negate effects of schemes for MRRT benefits
210.25. Commissioner may negate entity's MRRT benefits
210.30. Commissioner may compensate entity or another entity
210.35. One determination may cover several MRRT years etc.
210.40. Commissioner must give copy of determination to entity affected
PART 4-7--ENTITIES
Division 215--Consolidated groups
215.1. What this Division is about
215.5. Objects of this Division
215.10. Choice to consolidate for MRRT purposes
215.15. Single entity rule
215.20. Project interests transferred to head company etc. on joining
215.25. Project interests transferred to leaving entity on leaving
215.30. Mining project interests etc. split to leaving entity on leaving
215.35. Acquisition of consolidated group by another consolidated group etc.
215.40. Instalment rates for leaving entity or new head company
215.45. Effect of choice to continue group after shelf company becomes new head company
215.50. Effect of change of head company or provisional head company of a MEC group
215.55. Effect of group conversions involving MEC groups
Division 220--Partnerships and unincorporated associations and bodies
220.1. What this Division is about
220.5. Partnerships
220.10. Unincorporated associations and bodies
PART 4-8--MISCELLANEOUS
Division 225--Rehabilitation tax offsets
225.1. What this Division is about
225.5. Object of this Division
225.10. Entitlement to rehabilitation tax offsets
225.15. Rehabilitation tax offset amounts relating to mining project interests
225.20. Rehabilitation tax offset amounts relating to pre-mining project interests
225.25. Application of rehabilitation tax offsets
CHAPTER 5--Miscellaneous
Division 235--Miscellaneous
235.1. Regulations
CHAPTER 6--Interpreting this Act
PART 6-1--RULES FOR INTERPRETING THIS ACT
Division 245--Rules for interpreting this Act
245.1. What forms part of this Act
245.5. What does not form part of this Act
245.10. Guides and other non-operative provisions, and their role in interpreting this Act
PART 6-2--MEANING OF SOME IMPORTANT CONCEPTS
Division 250--Meaning of hold
250.1. What this Division is about
250.5. Meaning of hold
250.10. When certain starting base assets are held
250.15. Things that are jointly held
Division 255--Integrated mining project interests
255.1. What this Division is about
255.5. Upstream integration of mining project interests
255.10. Downstream integration of mining project interests
255.15. Meaning of downstream mining operations
255.20. Choice to integrate
PART 6-3--DICTIONARY
Division 300--Dictionary
300.1. Dictionary
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