MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES

PART 2-1 - CORE RULES

Division 10 - Core rules

SECTION 10-5

10-5 THE MRRT LIABILITY FOR A MINING PROJECT INTEREST
Work out the miner ' s MRRT liability for a mining project interest for an * MRRT year as follows:

MRRT liability = MRRT rate × (Mining profit − MRRT allowances)

Method statement

Step 1.

Work out the miner ' s * mining profit for the mining project interest for the * MRRT year .

Note:

For the mining profit , see Part 2-3.

Step 2.

Work out the miner ' s * MRRT allowances for the mining project interest for the * MRRT year .

Note:

For MRRT allowances , see section 10-10 .

Step 3.

Subtract the * MRRT allowances from the * mining profit .

Step 4.

Multiply the result by the * MRRT rate . This is the miner ' s MRRT liability for the mining project interest for the * MRRT year .

Note 1:

For the MRRT rate , see section 300-1 .

Note 2:

If the result from step 3 is zero, the miner ' s MRRT liability will also be zero.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.