Income Tax Assessment Act 1997

Pt 2-1 inserted by No 121 of 1997.

Div 15 inserted by No 121 of 1997.

S 15-85 repealed by No 96 of 2014, s 3 and Sch 1 item 16, effective 30 September 2014. No 96 of 2014, s 3 and Sch 1 items 122 - 124 contain the following transitional provisions:

Part 3 - Transitional provisions

122 Objects  
122
The objects of this Part are:

(a) to provide for the winding-up of the minerals resource rent tax; and

(b) to ensure the administration, collection and recovery of the minerals resource rent tax for the MRRT years ending on or before the day this Schedule commences; and

(c) to continue taxpayers ' rights and obligations relating to MRRT years ending before that commencement. 123 Effect of repeals and amendments on preceding MRRT years  
123(1)
Despite the repeals and amendments made by this Schedule, the Acts amended or repealed continue to apply, after the commencement of this Schedule, in relation to any MRRT year ending on or before the day this Schedule commences as if those repeals and amendments had not happened.

123(2)
For the purposes of that continued application, any MRRT year that:

(a) started before the commencement of this Schedule; and

(b) would, apart from this subitem, end on or after that commencement;

is taken to end on the day this Schedule commences.

123(3)
To avoid doubt, for the purposes of that continued application, section 190-20 of the Minerals Resource Rent Tax Act 2012 applies in relation to an MRRT year referred to in subitem (2) whether or not the MRRT year is an accounting period referred to in section 190-10 of that Act.

Note 1:

Section 190-20 of the Minerals Resource Rent Tax Act 2012 (to the extent that it continues to apply because of this item) will adjust threshold amounts under that Act in relation to the final MRRT year.

Note 2:

Subsection 115-110(2) in Schedule 1 to the Taxation Administration Act 1953 (to the extent that it continues to apply because of this item) will adjust instalment quarters under that Act in relation to the final MRRT year.

124 Continuation of Commissioner ' s power to make certain legislative instruments  
124(1)
Despite the repeal by this Act of section 117-5 in Schedule 1 to the Taxation Administration Act 1953 , the Commissioner ' s power under subsection 117-5(5) in that Schedule to make legislative instruments continues after that repeal.

124(2)
This item does not affect any other powers of the Commissioner under Schedule 1 to the Taxation Administration Act 1953 , as it continues to apply because of item 123 of this Schedule.

S 15-85 formerly read:

SECTION 15-85 Refunded excess rehabilitation tax offset  
15-85
Your assessable income includes an amount the Commissioner pays you under paragraph 225-25(2)(b) of the Minerals Resource Rent Tax Act 2012 .

Note:

You can get a refund of excess rehabilitation tax offsets under section 225-25 of the Minerals Resource Rent Tax Act 2012 .

S 15-85 inserted by No 14 of 2012, s 3 and Sch 3 item 9, effective 1 July 2012.

No 14 of 2012 (as amended by No 88 of 2013), s 3 and Sch 4 was repealed by No 96 of 2014, s 3 and Sch 1 item 46, effective 30 September 2014, contains the following application and transitional provisions:

Schedule 4 - Application and transitional provisions

Part 1 - Preliminary

1 Application of Act  
1
The MRRT law extends to matters and things whether occurring before or after 1 July 2012 (except where a contrary intention appears). 1A Administration of this Schedule  
1A
The Commissioner has the general administration of this Schedule.

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S 1A inserted by No 88 of 2013, s 3 and Sch 7 item 72, effective 1 July 2012.

Part 2 - General liability rules

2 Modified time of supply for prepayments before 1 July 2012  
2
Paragraph 30-35(a) of the Minerals Resource Rent Tax Act 2012 is disregarded in working out the time a miner makes a supply of a taxable resource or thing produced using a taxable resource if consideration for the supply is received or becomes receivable at a time before 1 July 2012. 3 Recoupment or offsetting of mining expenditure  
3
An amount is included under section 30-40 of the Minerals Resource Rent Tax Act 2012 in a miner ' s mining revenue for a mining project interest for the MRRT year starting on 1 July 2012 to the extent that:

(a) the amount is received, or becomes receivable, before the start of that MRRT year; and

(b) had the amount been received, or become receivable, in that MRRT year, it would have given rise under that section to an amount of mining revenue for the mining project interest for the miner. 4 Compensation for loss of taxable resources  
4
Section 30-50 of the Minerals Resource Rent Tax Act 2012 does not apply in relation to amounts relating to loss of, destruction of or damage that happens to a taxable resource before 1 July 2012. 5 Hire purchase agreements entered into before 1 July 2012  
5
Without limiting section 35-55 of the Minerals Resource Rent Tax Act 2012 , that section also applies in relation to hire purchase agreements entered into before 1 July 2012.

Note:

The property may be a starting base asset if the requirements in Subdivision 80-C of the Minerals Resource Rent Tax Act 2012 are met.

Part 3 - MRRT allowances

6 Royalty amounts paid on taxable resources extracted before 1 July 2012  
6
To avoid doubt, a liability a miner incurs on or after 1 July 2012 gives rise to a royalty credit under section 60-20 of the Minerals Resource Rent Tax Act 2012 if the requirements in that section are met, whether the relevant taxable resource was extracted on, before, or after that day.

Part 4 - Specialist liability rules

7 Combining mining project interests before commencement  
Combining mining project interests

7(1)
Two or more mining project interests are taken by Division 115 of the Minerals Resource Rent Tax Act 2012 to be the same mining project interest from a particular time before 1 July 2012 if those interests would be taken to be the same mining project interest under that Division from that time if the time was after 1 July 2012.

Downstream integration of mining project interests

7(2)
If:

(a) disregarding paragraph 255-10(d) of the Minerals Resource Rent Tax Act 2012 (choosing to treat mining project interests as integrated), a mining project interest would have been integrated with another mining project interest at a time during the period:

(i) starting on 2 May 2010; and

(ii) ending just before the start of 1 July 2012; and

(b) the miner makes a valid choice under section 255-20 of that Act on or before the day on which the obligation to give an MRRT return for the first MRRT year falls due;

the requirement in paragraph 255-10(d) of that Act is taken to be satisfied at all times during the period starting at the time mentioned in paragraph (a) of this subitem and ending when the miner makes that choice.

8 Transferring and splitting mining project interests  
8
To avoid doubt, Divisions 120 and 125 of the Minerals Resource Rent Tax Act 2012 apply in relation to mining project interests before 1 July 2012 in the same way as those Divisions apply in relation to mining project interests after that day. 9 Transferring and splitting pre-mining project interests  
9
To avoid doubt, Divisions 145 and 150 of the Minerals Resource Rent Tax Act 2012 apply in relation to pre-mining project interests before 1 July 2012 in the same way as those Divisions apply in relation to pre-mining project interests after that day. 10 Substituted accounting periods  
10
Despite section 10-25 of the Minerals Resource Rent Tax Act 2012 , if:

(a) an entity has, under section 18 of the Income Tax Assessment Act 1936 , accounting periods that are not financial years; and

(b) one of those accounting periods starts before 1 July 2012 and ends after that day;

the period starting on 1 July 2012 and ending at the end of that accounting period is an MRRT year .

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S 10 amended by No 88 of 2013, s 3 and Sch 7 item 73, by substituting " an entity " for " a miner " in para (a), effective 1 July 2012.

11 Schemes entered into before 2 May 2010  
11
Without limiting Division 210 of the Minerals Resource Rent Tax Act 2012 (or that Division as it applies because of item 12 of this Schedule), that Division also applies in relation to a scheme if:

(a) the scheme was entered into before 2 May 2010; and

(b) it is reasonable to conclude that an entity (whether alone or with others) would have entered into or carried out the scheme, or part of the scheme, with the purpose mentioned in paragraph 210-10(1)(c) of that Act had the MRRT law been in force when the scheme was entered into. 12 Schemes to increase the base value of starting base assets  
12(1)
Without limiting Division 210 of the Minerals Resource Rent Tax Act 2012 , that Division also applies as if an entity gets or got an MRRT benefit from a scheme if:

(a) the entity holds a starting base asset; and

(b) the base value of that asset for the first MRRT year is, or could reasonably be expected to be, larger than it would be apart from the scheme.

12(2)
For the purposes of subitem (1), the Commissioner may make, under section 210-25 of the Minerals Resource Rent Tax Act 2012 , a determination stating the base value of the starting base asset for the first MRRT year.

12(3)
This item applies to property or rights that are expected to be starting base assets as mentioned in subsection 117-20(2) in Schedule 1 to the Taxation Administration Act 1953 as if the property or rights were a starting base asset.
13 Choice to consolidate for MRRT purposes before commencement  
13
Despite paragraph 215-10(4)(a) of the Minerals Resource Rent Tax Act 2012 , a choice that the head company of a consolidated group or MEC group or the provisional head company of a MEC group makes under section 215-10 of that Act has effect on and after a day (the day of effect) if:

(a) the choice is made on 1 July 2012 or within such further time as the Commissioner allows; and

(b) the day of effect is between 2 May 2010 and the day the choice is made; and

(c) the consolidated group or MEC group existed on the day of effect; and

(d) the company notifies the Commissioner, under subsection 215-10(3) of that Act, that the choice is to apply from the day of effect.

Part 5 - Administration

14 Reporting requirements for transfers and splits of interests before 1 July 2012  
14(1)
Without limiting Division 121 in Schedule 1 to the Taxation Administration Act 1953 , that Division also applies in relation to a mining project transfer, mining project split, pre-mining project transfer or pre-mining project split that happened between 1 May 2010 and 30 June 2012.

14(2)
However, despite paragraphs 121-10(4)(b) and (c) in that Schedule, an entity ' s obligation to give a notice that arises because of subitem (1) is taken to have been complied with if it is given by the later of the following:

(a) 21 July 2012;

(b) 21 days after receiving a notice that another entity is obliged to give the entity because of subitem (1).
15 Starting base assessments  
15(1)
Without limiting Division 155 in Schedule 1 to the Taxation Administration Act 1953 , that Division also applies in relation to a starting base asset as if:

(a) the base value of the starting base asset for the first MRRT year were an assessable amount within the meaning of that Division that was mentioned in column 1 of the table in subsection 155-15(1) of that Division; and

(b) a starting base return for that year in relation to the starting base asset were a document mentioned in column 3 of that table in relation to that assessable amount; and

(c) the Commissioner were the recipient mentioned in column 2 of that table in relation to that starting base return.

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S 15(1) amended by No 88 of 2013, s 3 and Sch 7 item 74, by inserting para (c), effective 1 July 2012.

15(2)
This item applies to property or rights that are expected to be starting base assets as mentioned in subsection 117-20(2) in Schedule 1 to the Taxation Administration Act 1953 as if the property or rights were a starting base asset.

15(3)
Without limiting subitem (1), from the first time an assessment (a general assessment ) is made of the MRRT payable by an entity for an MRRT year (or that no MRRT is payable by the entity for the year):

(a) an assessment (a starting base assessment ) that the Commissioner is treated as having made because of subsection 155-15(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to that base value is taken, for the purposes of this Act, to form part of the general assessment; and

(b) any objection against the general assessment under section 155-90 in Schedule 1 to that Act must not relate to matters to which the starting base assessment relates; and

(c) any amendment of the general assessment under Subdivision 155-B in that Schedule must not relate to matters to which the starting base assessment relates, except to the extent necessary to give effect to the starting base assessment (including the starting base assessment as amended).

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S 15(3) inserted by No 88 of 2013, s 3 and Sch 7 item 75, effective 1 July 2012.

15(4)
Without limiting sections 155-45 to 155-60 in Schedule 1 to that Act, the Commissioner may amend a general assessment at any time to the extent necessary to give effect to the starting base assessment (including the starting base assessment as amended).

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S 15(4) inserted by No 88 of 2013, s 3 and Sch 7 item 75, effective 1 July 2012.