Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 (14 of 2012)

Schedule 3   Amendment of other Acts

Part 1   Amendments commencing at the same time as the Minerals Resource Rent Tax Act 2012 commences

Income Tax Assessment Act 1997

83   Subsection 995-1(1)

Insert:

taxable mining profit , of a miner for an *MRRT year, means the sum of the following for each *mining project interest the miner has for that year:

(a) the *mining profit for that interest for that year; less

(b) the *MRRT allowances for that interest for that year.