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MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-1 - CORE RULES  

Division 10 - Core rules  

SECTION 10-5  

10-5   THE MRRT LIABILITY FOR A MINING PROJECT INTEREST  
Work out the miner ' s MRRT liability for a mining project interest for an * MRRT year as follows:

MRRT liability = MRRT rate × (Mining profit − MRRT allowances)

Method statement

Step 1.

Work out the miner ' s * mining profit for the mining project interest for the * MRRT year .

Note:

For the mining profit , see Part 2-3.


Step 2.

Work out the miner ' s * MRRT allowances for the mining project interest for the * MRRT year .

Note:

For MRRT allowances , see section 10-10 .


Step 3.

Subtract the * MRRT allowances from the * mining profit .


Step 4.

Multiply the result by the * MRRT rate . This is the miner ' s MRRT liability for the mining project interest for the * MRRT year .

Note 1:

For the MRRT rate , see section 300-1 .

Note 2:

If the result from step 3 is zero, the miner ' s MRRT liability will also be zero.


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