MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
In this Act:
Aboriginal person
has the meaning given by subsection 4(1) of the
Aboriginal and Torres Strait Islander Act 2005
.
accounting principles
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
accounting standard
has the same meaning as in the
Corporations Act 2001
.
(a) of a * starting base asset , has the meaning given by subsection 165-10(7) ; and
(b) of a disposed asset (within the meaning of section 165-35 ), has the meaning given by subsection 165-35(2) .
affiliate
has the meaning given by subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
allowance component
means any of the following:
(a) a * royalty credit ;
(b) a * pre-mining loss ;
(c) a * mining loss ;
(d) a * starting base loss .
approved form
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
arm
'
s length
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
arm
'
s length consideration
has the meaning given by section
30-30
.
arrangement
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
assessed MRRT
means MRRT, as assessed under
Schedule 1
to the
Taxation Administration Act 1953
.
assessment
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
auditing standard
has the same meaning as in the
Corporations Act 2001
.
Australia
, when used in a geographical sense, includes:
(a) all the external Territories other than the Australian Antarctic Territory; and
(b) an area that is an offshore area for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 .
Australian law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Australian permanent establishment
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
base value
has the meaning given by subsection
90-5(1)
.
cessation event
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
CGT asset
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
closely associated
has the meaning given by subsection
95-20(5)
.
Commissioner
means the Commissioner of Taxation.
Commonwealth law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
connected with
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
consolidatable group
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
consolidated group
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
(a) of a * starting base asset that is treated as a single starting base asset because of section 80-30 , means any of the things mentioned in paragraphs 80-30(1)(a) to (d) that are treated as the single starting base asset; or
(b) of a starting base asset that is treated as a single starting base asset because of subsection 180-10(3) , means any of the starting base assets that are, under that subsection, treated as the single starting base asset.
cost base
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
created
: in relation to a
*
consolidated group
or
*
MEC group
, has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
decreasing adjustment
has the meaning given by section
195-1
of the
*
GST Act
.
depreciating asset
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
derivative financial arrangement
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
diminishing value method
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
downstream mining operations
has the meaning given by section
255-15
.
effective life
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
entity
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
equity interest
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
excluded expenditure
has the meaning given by Subdivision
35-B
.
excluded STB
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
exploration or prospecting
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
exploration right
has the meaning given by subsection
70-25(3)
.
extract
, in relation to a
*
taxable resource
, means extract the taxable resource in any way, and includes recovering the taxable resource from the place where it occurs.
financial arrangement
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
financial year
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
foreign currency
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
foreign currency hedge
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
foreign law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
general interest charge
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
GST
has the meaning given by section
195-1
of the
*
GST Act
.
GST Act
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
head company
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
higher ranking allowance
, in relation to an
*
MRRT allowance
, means any other MRRT allowance that, under section
10-10
, is applied earlier than that allowance in working out a miner
'
s
*
MRRT liability
.
hire purchase agreement
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
hold
a thing mentioned in subsection
250-5(2)
has the meaning given by Division
250
.
income tax law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
income year
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
increasing adjustment
has the meaning given by section
195-1
of the
*
GST Act
.
index number
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
initial supply
has the meaning given by section 30-20.
input tax credit
has the meaning given by section
195-1
of the
*
GST Act
.
installed ready for use
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
instalment income
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
instalment quarter
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
integrated
, in relation to mining project interests, has the meaning given by Division
255
.
interim expenditure
, in relation to a
*
starting base asset
relating to a mining project interest, has the meaning given by section
90-55
.
long term bond rate
, for a period, has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
market value
has a meaning affected by Subdivision 960-S of the
Income Tax Assessment Act 1997
.
MEC group
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
member
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
mine development expenditure
has the meaning given by subsection
80-35(3)
.
miner
means an
*
entity
that has a
*
mining project interest
.
mining expenditure
has the meaning given by Division
35
.
mining loss
has the meaning given by section
75-20
.
mining loss allowance
has the meaning given by section
75-10
.
mining operations
has the meaning given by section
35-20
.
mining profit
has the meaning given by Division
25
.
mining project interest
has the meaning given by section
15-5
.
mining project split
has the meaning given by subsection
125-10(3)
.
mining project transfer
has the meaning given by subsection
120-10(3)
.
mining, quarrying or prospecting information
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
mining revenue
has the meaning given by Division
30
.
mining revenue event
has the meaning given by section
30-15
.
mining royalty
has the meaning given by subsection
35-45(1)
.
mining venture
has the meaning given by subsection
15-5(3).
MRRT
means minerals resource rent tax imposed by any of the following:
(a) the Minerals Resource Rent Tax (Imposition - General) Act 2012 ;
(b) the Minerals Resource Rent Tax (Imposition - Customs) Act 2012 ;
(c) the Minerals Resource Rent Tax (Imposition - Excise) Act 2012 .
MRRT allowance
has the meaning given by section
10-10
.
MRRT benefit
has the meaning given by section
210-15
.
MRRT disadvantage
has the meaning given by subsection
210-30(2)
.
(a) this Act; and
(b) any Act that imposes MRRT; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
MRRT liability
has the meaning given by section
10-5
.
MRRT rate
has the meaning given by the following:
(a) section 4 of the Minerals Resource Rent Tax (Imposition - General) Act 2012 ;
(b) section 4 of the Minerals Resource Rent Tax (Imposition - Customs) Act 2012 ;
(c) section 4 of the Minerals Resource Rent Tax (Imposition - Excise) Act 2012 .
MRRT year
has the meaning given by sections
10-25
,
190-10
and
190-15
.
Hide history note
View history noteDefinition of " MRRT year " substituted by No 88 of 2013, s 3 and Sch 7 item 71, effective 1 July 2012. The definition formerly read:
MRRT year
has the meaning given by section 10-25 .
non-cash benefit
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
opening adjustable value
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
originates
, in relation to a mining project interest and a
*
pre-mining project interest
, has the meaning given by subsection
70-20(2)
.
partnership
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
pre-mining expenditure
has the meaning given by section
70-35
.
pre-mining loss
has the meaning given by section
70-30
.
pre-mining loss allowance
has the meaning given by section
70-10
.
pre-mining loss cap
has the meaning given by section
95-30
.
pre-mining profit
has the meaning given by section
140-5
.
pre-mining project interest
has the meaning given by section
70-25
.
pre-mining project operations
has the meaning given by subsection
70-35(5)
.
pre-mining project split
has the meaning given by subsection
150-10(2)
.
pre-mining project transfer
has the meaning given by subsection
145-10(2)
.
pre-mining revenue
has the meaning given by section
70-40
.
prime cost method
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
private mining royalty
has the meaning given by subsection
35-45(2)
.
production right
has the meaning given by section
15-15
.
project area
has the meaning given by section
15-20
or subsection
70-25(4)
.
provisional head company
of a
*
MEC group has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
recoupment
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
rehabilitation tax offset
has the meaning given by section
225-10
.
rehabilitation tax offset amount
:
(a) in relation to a mining project interest - has the meaning given by section 225-15 ; and
(b) in relation to a * pre-mining project interest - has the meaning given by section 225-20 .
resource marketing operations
has the meaning given by subsection
30-25(7)
.
royalty
includes the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
royalty allowance
has the meaning given by section
60-10
.
royalty credit
has the meaning given by section
60-20
.
scheme
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
shortfall interest charge
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
(a) for a new interest a miner has just after a * mining project split - has the meaning given by section 125-15 ; and
(b) for a new interest an * entity has just after a * pre-mining project split - has the meaning given by subsections 150-15(5) and (6) .
starting base adjustment
for a
*
starting base asset
, has the meaning given by section
165-20
.
starting base adjustment amount
for a
*
starting base asset
, has the meaning given by section
165-10
.
starting base adjustment event
, for a
*
starting base asset
, has the meaning given by section
165-5
.
starting base allowance
has the meaning given by section
80-10
.
starting base asset
relating to a mining project interest has the meaning given by section
80-25
and subsection
80-35(1)
.
starting base days
has the meaning given by subsections
80-40(6)
and
(7)
.
starting base loss
, for a mining project interest, has the meaning given by section
80-20
.
starting base return
means a return of the kind referred to in section
117-20
in
Schedule 1
to the
Taxation Administration Act 1953
, that complies with all the requirements of that section and section
117-25
(if applicable) in that Schedule and section
388-75
in that Schedule.
start time
, for a
*
starting base asset
relating to a mining project interest, has the meaning given by subsection
80-25(2)
.
State law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
subsidiary member
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
supply
has the meaning given by section
195-1
of the
*
GST Act
.
suspension day
has the meaning given by section
130-10
.
taxable resource
has the meaning given by Division
20
.
taxation law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
(a) for a mining project interest, has the meaning given by section 135-5 ; or
(b) for a * pre-mining project interest , has the meaning given by section 155-5 .
termination value
, of a
*
starting base asset
, has the meaning given by subsection
165-10(3)
and
(4)
.
Territory law
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Torres Strait Islander
has the meaning given by subsection 4(1) of the
Aboriginal and Torres Strait Islander Act 2005
.
transfer pricing guidelines
has the meaning given by subsection
205-15(2)
.
transferred mining loss allowance
has the meaning given by section
100-10
.
transferred pre-mining loss allowance
has the meaning given by section
95-10
.
transferred royalty allowance
has the meaning given by section
65-10
.
transformative operations
has the meaning given by subsection
30-25(6)
.
trustee
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
upstream mining operations
has the meaning given by section
35-15
.
valuation point
for a
*
taxable resource
has the meaning given by Division
40
.
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