MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-1 - ROYALTY ALLOWANCES  

Division 60 - Royalty allowances  

Operative provisions  

SECTION 60-20   WHEN A ROYALTY CREDIT ARISES  

60-20(1)    
A liability a miner incurs gives rise to a royalty credit for a mining project interest the miner has to the extent that the liability is to pay, in relation to a * taxable resource extracted under the authority of the * production right to which the interest relates:

(a) a * mining royalty ; or

(b) an amount to another * entity by way of * recoupment of a liability the other entity incurs that, because of a previous application of this section:

(i) gives rise at any time to a royalty credit for a mining project interest the other entity has that relates to the production right; or

(ii) would give rise to such a royalty credit, if the other entity had a mining project interest in relation to the production right.

Note:

Sections 60-30 and 30-45 set out consequences for the entity that receives a recoupment of an amount giving rise to a royalty credit.

60-20(2)    
The * royalty credit arises at the time the miner incurs the liability, and relates to the * MRRT year in which it arises.

Note:

If more than one liability satisfying this section is incurred in an MRRT year, more than one royalty credit arises in that year.

60-20(3)    
The * royalty credit ceases to be a royalty credit if it has been fully applied in working out any of the following:

(a) a * royalty allowance for the mining project interest;

(b) * transferred royalty allowances for other mining project interests.