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MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-1 - ROYALTY ALLOWANCES  

Division 60 - Royalty allowances  

Guide to Division 60  

SECTION 60-1   WHAT THIS DIVISION IS ABOUT  

Mining royalties paid to the Commonwealth, States and Territories reduce a miner ' s MRRT liabilities for a mining project interest.

To work out the royalty allowance, the amount of the royalty is grossed-up using the MRRT rate, in effect reducing the MRRT liability by the amount of the royalty.

Royalty credits that are not applied in an MRRT year are uplifted and may be able to be applied in later years.

Royalty credits are reduced if a miner recoups an amount giving rise to a royalty credit.

Note:

Royalty credits that are not applied to a royalty allowance may be applied to transferred royalty allowances for other mining project interests (see Division 65 ).


TABLE OF SECTIONS
TABLE OF SECTIONS
Operative provisions
60-5 Objects of this Division
60-10 When a miner has a royalty allowance
60-15 The amount of a royalty allowance
60-20 When a royalty credit arises
60-25 Amount of a royalty credit
60-30 Royalty credits reduced by recoupments


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