MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 1
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INTRODUCTION
PART 1-1
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PRELIMINARY
Division 1
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Preliminary
SECTION 1-10
1-10
OBJECT OF THIS ACT
The object of this Act is to ensure that the Australian community receives an adequate return for its * taxable resources , having regard to:
(a) the inherent value of the resources; and
(b) the non-renewable nature of the resources; and
(c) the extent to which the resources are subject to Commonwealth, State and Territory royalties.
The object of this Act is to ensure that the Australian community receives an adequate return for its * taxable resources , having regard to:
(a) the inherent value of the resources; and
(b) the non-renewable nature of the resources; and
(c) the extent to which the resources are subject to Commonwealth, State and Territory royalties.
This Act does this by taxing above normal profits made by miners (also known as economic rents) that are reasonably attributable to the resources in the form and place they were in when extracted.
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