MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-8 - MISCELLANEOUS  

Division 225 - Rehabilitation tax offsets  

Operative provisions  

SECTION 225-15   REHABILITATION TAX OFFSET AMOUNTS RELATING TO MINING PROJECT INTERESTS  

225-15(1)    
A miner has a rehabilitation tax offset amount , for an * MRRT year (the current year ), in relation to a mining project interest that the miner has, if:

(a) the * suspension day for the mining project interest happened in an earlier MRRT year or the current year; and

(b) in the current year, an amount of expenditure ( upstream rehabilitation expenditure ) was incurred that:

(i) is included in * mining expenditure for the mining project interest for the current year; and

(ii) is necessarily incurred in carrying on * mining operations of a kind mentioned in paragraph 35-20(2)(f) , or in carrying on activities done in furtherance of mining operations of that kind; and

(c) a * mining loss relating to the mining project interest for the current year is extinguished under section 130-15 .

225-15(2)    
However, subsection (1) does not apply if neither the miner nor any other * entity has, or has ever had, an * MRRT liability , for the * MRRT year or any earlier MRRT year, in relation to the mining project interest.

225-15(3)    
The rehabilitation tax offset amount relating to the mining project interest is:

Allowable rehabilitation expenditure × * MRRT rate

where:

allowable rehabilitation expenditure
is the lesser of:

(a) the sum of all the amounts of upstream rehabilitation expenditure that were incurred in the current year in relation to the mining project interest; and

(b) the amount of the * mining loss , mentioned in paragraph (1)(c), extinguished under section 130-15 .

225-15(4)    
However, the * rehabilitation tax offset amount cannot exceed the sum of all the * MRRT liabilities , of the miner or any other miner, for the mining project interest for the * MRRT year and all earlier MRRT years.