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

Crimes (Taxation Offences) Act 1980

6   At the end of the Act

Add:

Part XI — Offences relating to minerals resource rent tax

21 Application of Part I and Part II in relation to minerals resource rent tax

(1) Without prejudice to their effect apart from this section, subsection 3(3), paragraph 3(4)(e) and the provisions of Part II (other than section 8 and subsection 10(3)) also have the effect they would have if:

(a) a reference in any of those provisions to income tax were a reference to MRRT; and

(b) a reference in any of those provisions to future income tax were a reference to future MRRT; and

(c) a reference in any of those provisions to the Income Tax Assessment Act were a reference to the MRRT law; and

(d) a reference in any of those provisions, in relation to a company or trustee, to income tax moneys were a reference to MRRT moneys.

(2) In applying the provisions of Part II (other than section 8 and subsection 10(3)) in accordance with subsection (1) of this section:

(a) a reference in any of those provisions to the MRRT payable by a company or trustee, in relation to the intention of a person entering into, or the knowledge or belief of a person concerning, an arrangement or transaction is to be read as a reference to some or all of the MRRT due and payable by the company or the trustee at the time when the arrangement or transaction was entered into; and

(b) a reference in any of those provisions to future MRRT payable by a company or trustee, in relation to the intention of a person entering into, or the knowledge or belief of a person concerning, an arrangement or transaction is to be read as a reference to some or all of the MRRT that may reasonably be expected by that person to become payable by the company or trustee after the arrangement or transaction is entered into; and

(c) a reference in any of those provisions, other than subsections 10(1) and (2), in relation to a company or trustee, to MRRT moneys is to be read as a reference to:

(i) MRRT payable by the company or trustee; and

(ii) costs ordered by a court against a company or trustee in a proceeding for the recovery of MRRT; and

(d) a reference in subsections 10(1) and (2) to MRRT moneys shall be read as a reference to MRRT that has been assessed under Schedule 1 to the Taxation Administration Act 1953.

(3) In applying subsection 10(2), and sections 11 and 12, in accordance with subsections (1) and (2) of this section, the liability of a company or trustee in respect of MRRT moneys that have been assessed is not to be taken not to be finally determined merely because of the possibility of the Commissioner amending the assessment (otherwise than as a result of an objection being allowed or to give effect to a decision of the Administrative Appeals Tribunal or a court).