MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-8 - MISCELLANEOUS  

Division 225 - Rehabilitation tax offsets  

Operative provisions  

SECTION 225-20   REHABILITATION TAX OFFSET AMOUNTS RELATING TO PRE-MINING PROJECT INTERESTS  

225-20(1)    
An * entity has a rehabilitation tax offset amount , for an * MRRT year (the current year ), in relation to a * pre-mining project interest that the entity * holds if:

(a) the * termination day for the pre-mining project interest happened in an earlier MRRT year or the current year; and

(b) in the current year, an amount of expenditure ( upstream rehabilitation expenditure ) was incurred that:

(i) is included in * pre-mining expenditure for the pre-mining project interest for the current year; and

(ii) is necessarily incurred in carrying on * pre-mining project operations that would be of a kind mentioned in paragraph 35-20(2)(f) if they related to a mining project interest, or in carrying on activities done in furtherance of mining operations of that kind; and

(c) a * pre-mining loss relating to the pre-mining project interest for the current year is extinguished under section 155-25 .

225-20(2)    
However, subsection (1) does not apply if neither the * entity nor any other entity has, or has ever had, an * MRRT liability , for the * MRRT year or any earlier MRRT year, in relation to the * pre-mining project interest .

225-20(3)    
The rehabilitation tax offset amount relating to the * pre-mining project interest is:

Allowable rehabilitation expenditure × * MRRT rate

where:

allowable rehabilitation expenditure
is the lesser of:

(a) the sum of all the amounts of upstream rehabilitation expenditure that were incurred in the current year in relation to the pre-mining project interest; and

(b) the amount of the * pre-mining loss , mentioned in paragraph (1)(c), extinguished under section 155-25 .

225-20(4)    
However, the * rehabilitation tax offset amount cannot exceed the sum of all the * MRRT liabilities , of the * entity or any other entity, for the * pre-mining project interest for the * MRRT year and all earlier MRRT years.