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

53   Subsection 995-1(1) (definition of benchmark instalment rate )

Repeal the definition, substitute:

benchmark instalment rate :

(a) in relation to an income year - has the meaning given by sections 45-360 and 45-530 in Schedule 1 to the Taxation Administration Act 1953; and

(b) in relation to an *MRRT year - has the meaning given by section 115-70 in Schedule 1 to the Taxation Administration Act 1953.