MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-8 - MISCELLANEOUS  

Division 225 - Rehabilitation tax offsets  

Operative provisions  

SECTION 225-10   ENTITLEMENT TO REHABILITATION TAX OFFSETS  

225-10(1)    
An * entity has a rehabilitation tax offset for an * MRRT year if the entity has a * rehabilitation tax offset amount , for the MRRT year, in relation to:

(a) any mining project interest that the entity has at the end of the MRRT year; or

(b) any * pre-mining project interest that the entity * holds at the end of the MRRT year.

225-10(2)    
However, subsection (1) does not apply if the * entity is not, and has never been, liable to pay MRRT, for the * MRRT year or any earlier MRRT year.

225-10(3)    
The amount of the rehabilitation tax offset for the * MRRT year is the lesser of:

(a) the sum of all the rehabilitation tax offset amounts that the * entity has for the year; and

(b) the sum of:

(i) all the amounts of MRRT that the entity is or has been liable to pay for all earlier MRRT years, less all the amounts that became payable to the miner under paragraph 225-25(2)(b) for all earlier MRRT years; and

(ii) all the entity ' s * MRRT liabilities for the MRRT year, less any offset that the entity has under section 45-5 or 45-10 (low profit offsets) for the MRRT year.

225-10(4)    
For the purposes of subsection (2) or paragraph (3)(b), disregard an * entity ' s liability to pay MRRT if one or more of the following applies:

(a) the liability arose, under Division 721 of the Income Tax Assessment Act 1997 , in the entity ' s capacity as a * subsidiary member of a * consolidated group or a * MEC group ;

(b) the liability arose, under section 444-5 in Schedule 1 to the Taxation Administration Act 1953 , in the entity ' s capacity as a member of the committee of management of an unincorporated association or body;

(c) the liability arose, under section 444-30 in Schedule 1 to the Taxation Administration Act 1953 , in the entity ' s capacity as a partner of a * partnership ;

(d) the liability arose, under section 444-120 in Schedule 1 to the Taxation Administration Act 1953 , in the entity ' s capacity as a * trustee of a trust.