Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Minerals Resource Rent Tax Act 2012

11   Subsection 45-10(2) (example)

Repeal the example, substitute:

Example: For the 2013-14 MRRT year, Pinder Mines Ltd has a total mining profit of $80 million, a group mining profit of $100 million, group MRRT allowances of $10 million and a taper amount of $50 million ($100 million - $50 million). The amount worked out using the formula in subsection (1) is $22 million:((($75 million - $50 million) × 3/2) - $10 million) × 4/5. Multiplying this amount by the MRRT rate gives Pinder Mines Ltd an offset for the year of $4.95 million.