MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-3 - MINING PROFITS  

Division 30 - Mining revenue  

Subdivision 30-C - Other revenue  

SECTION 30-50   COMPENSATION FOR LOSS OF TAXABLE RESOURCES  

30-50(1)    
An amount is included in a miner ' s * mining revenue for a mining project interest for an * MRRT year to the extent that:

(a) during the year, the amount is received, or becomes receivable, by any of the following * entities :

(i) the miner;

(ii) an entity * connected with the miner;

(iii) an * affiliate of the miner;

(iv) an entity of which the miner is an affiliate;

(v) an affiliate of an entity covered by subparagraph (ii);

(vi) an entity connected with an entity covered by subparagraph (ii), (iii) or (iv); and

(b) the amount is by way of insurance, compensation or indemnity relating to loss of, destruction of or damage that:

(i) happens to a * taxable resource extracted from the * project area for the mining project interest, or to a thing produced using such a taxable resource; and

(ii) happens before a * mining revenue event happens in relation to the taxable resource; and

(c) the amount is reasonably attributable to the taxable resource, as mentioned in step 2 of the method statement in subsection 30-25(1) .

30-50(2)    
Work out the extent to which the amount is reasonably attributable to the * taxable resource as so mentioned by applying section 30-25 as if the amount were a revenue amount under subsection 30-25(2) .