Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 (14 of 2012)
Schedule 1 Amendment of the Taxation Administration Act 1953 not related to assessments
44 At the end of Division 444 in Schedule 1
Add:
Subdivision 444-F - Trusts
Table of sections
444-120 Trusts
444-120 Trusts
Obligations
(1) Subject to subsection (2), an obligation that is imposed under the *MRRT law on a trust is imposed on each of the following entities, but may be discharged by any such entity:
(a) an entity that is the trustee of the trust at the time the obligation arises;
(b) an entity that is the trustee of the trust at a time that is:
(i) after the obligation arises; and
(ii) before the obligation has been discharged.
(2) An amount that is payable under the *MRRT law by a trust is payable as set out in the table:
|
Amounts payable by trusts |
||
|
Item |
Column 1 If the amount that is payable by the trust under the MRRT law is: |
Column 2 then it is payable by: |
|
1 |
*MRRT for an *MRRT year |
each of the following entities: (a) an entity that is the trustee of the trust at the end of the MRRT year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the MRRT year; and (ii) before the MRRT has been paid. |
|
2 |
*general interest charge on the unpaid amount of *MRRT for an *MRRT year |
each of the following entities: (a) an entity that is the trustee of the trust at the end of the MRRT year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the MRRT year; and (ii) before the general interest charge has been paid. |
|
3 |
*shortfall interest charge in relation to an *MRRT year |
each of the following entities: (a) an entity that is the trustee of the trust at the end of the MRRT year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the MRRT year; and (ii) before the shortfall interest charge has been paid. |
|
4 |
an instalment for an *instalment quarter payable under Division 115 |
each of the following entities: (a) an entity that is the trustee of the trust at the end of the instalment quarter; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the instalment quarter; and (ii) before the instalment has been paid. |
|
5 |
*general interest charge on the unpaid amount of an instalment referred to in table item 4 |
each of the following entities: (a) an entity that is the trustee of the trust at the end of the instalment quarter; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the instalment quarter; and (ii) before the general interest charge has been paid. |
Joint and several liability
(3) If an amount is payable under this section by more than one entity, those entities are jointly and severally liable to pay the amount.
Commissioner has direct access to trust assets
(4) For the purpose of ensuring the payment of an amount payable by an entity under this section in relation to a liability of a trust, the Commissioner has the same remedies against the property of the trust as the Commissioner would have against the property of the entity.
Right of indemnity
(5) An entity that pays an amount of a liability it has under this section is entitled to be indemnified out of the assets of the trust for the liability.
Offences
(6) Any offence against the *MRRT law that is committed by a trust is taken to have been committed by the trustee of the trust, or, if the trust has more than one trustee, by each of the trustees.
(7) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (6), it is a defence if the entity proves that the entity:
(a) did not aid, abet, counsel or procure the relevant act or omission; and
(b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity).
Note 1: The defence in subsection (7) does not apply in relation to offences under Part 2.4 of the Criminal Code.
Note 2: A defendant bears a legal burden in relation to the matters in subsection (7): see section 13.4 of the Criminal Code.