MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-4 - LOW PROFIT OFFSETS  

Division 45 - Low profit offsets  

Operative provisions  

SECTION 45-5   LOW PROFIT OFFSET - PROFITS NOT GREATER THAN $ 75 MILLION  

45-5(1)    
A miner has an offset for an * MRRT year if the sum of the * mining profits (the miner ' s group mining profit ) for the year of each mining project interest of the following * entities is less than or equal to $ 75 million:

(a) the miner;

(b) an entity * connected with the miner;

(c) an * affiliate of the miner;

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

(e) an affiliate of an entity covered by paragraph (b);

(f) an entity connected with an entity covered by paragraph (b), (c) or (d).

Note 1:

45-5(2)    
The amount of the miner ' s offset for the * MRRT year is the sum of the miner ' s * MRRT liabilities for each of the miner ' s mining project interests for the year.