Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 (14 of 2012)

Schedule 3   Amendment of other Acts

Part 1   Amendments commencing at the same time as the Minerals Resource Rent Tax Act 2012 commences

Income Tax Assessment Act 1997

32   After section 40-750

Insert:

40-751 Deduction for payments of minerals resource rent tax

(1) You can deduct a payment of *MRRT, or an instalment of MRRT payable under Division 115 in Schedule 1 to the Taxation Administration Act 1953, that you make in an income year.

Note: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20-A. Similarly, a refund of excess rehabilitation tax offsets you get under section 225-25 of the Minerals Resource Rent Tax Act 2012 is assessable income: see section 15-85.

(2) If you deduct an instalment of *MRRT under subsection (1), you cannot also deduct any of the following amounts when applied under Division 3 of Part IIB of the Taxation Administration Act 1953:

(a) the amount of the payment of the instalment;

(b) the amount of a credit arising under section 115-20 in Schedule 1 to the Taxation Administration Act 1953 in respect of the instalment.

(3) If you deduct a payment of *MRRT under subsection (1), you cannot also deduct the corresponding amount applied under Division 3 of Part IIB of the Taxation Administration Act 1953.