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

46   After subsection 721-25(1A)

Insert:

(1AA) The requirement in paragraph (1)(c) is also taken to be satisfied if:

(a) the group liability is a *tax-related liability mentioned in item 75 of the table in subsection 721-10(2) in relation to an *MRRT year; and

(b) before, at or after the head company's due time, the *head company of the group became entitled to a credit under section 115-20 in Schedule 1 to the Taxation Administration Act 1953 for that MRRT year; and

(c) just before the head company's due time, the contribution amounts for each of the TSA contributing members in relation to the group liability, as determined under the agreement, represented a reasonable allocation among the head company and the TSA contributing members of the difference between:

(i) the total amount of the group liability; and

(ii) the amount of the credit mentioned in paragraph (b).