MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-1 - ROYALTY ALLOWANCES  

Division 60 - Royalty allowances  

Operative provisions  

SECTION 60-30   ROYALTY CREDITS REDUCED BY RECOUPMENTS  

60-30(1)    
To the extent an amount that is received or becomes receivable by a miner is by way of * recoupment of a liability that gives rise to a * royalty credit for a mining project interest the miner has:

(a) the amount is to be increased by dividing it by the * MRRT rate ; and

(b) that increased amount is applied to reduce royalty credits for the interest:

(i) in the * MRRT year in which the amount is received or becomes receivable (the recoupment year ); and

(ii) in the order in which the royalty credits arise; and

(iii) before applying the royalty credits in working out a * royalty allowance or a * transferred royalty allowance for the recoupment year.

Note:

Paragraph (a) grosses-up the recoupment in the same way that section 60-25 grosses-up the liability giving rise to the royalty credit.

60-30(2)    
If the increased amount exceeds the sum of those * royalty credits , section 30-45 applies to the excess (the excess royalty recoupment ) in the recoupment year.