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

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Income Tax Assessment Act 1997

1   Subsections 721-10(4) and (5)

Repeal the subsections, substitute:

(4) The following only apply in relation to tax-related liabilities that are due and payable because a choice has been made, under section 215-10 of the Minerals Resource Rent Tax Act 2012, to apply Division 215 of that Act in relation to the *consolidated group:

(a) items 75, 80 and 85 of the table in subsection (2);

(b) items 40 and 65 of that table to the extent that it relates to tax-related liabilities to which the items referred to in paragraph (a) apply.

(5) The following only apply in relation to tax-related liabilities that are due and payable because a choice has been made, under section 58N of the Petroleum Resource Rent Tax Assessment Act 1987, to apply Division 8 of Part V of that Act in relation to the *consolidated group:

(a) items 95, 100, 105 and 110 of the table in subsection (2);

(b) items 40 and 65 of that table to the extent that they relate to tax-related liabilities to which the items referred to in paragraph (a) apply.

(6) Without limiting subsections (4) and (5), in the application of this section in relation to a *MEC group because of section 719-2, the items referred to in those subsections also apply in relation to tax-related liabilities of the *provisional head company of the MEC group.