MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
A taxable resource is a quantity of any of the following:
(a) iron ore;
(b) coal;
(c) anything produced from a process that results in iron ore or coal being consumed or destroyed without extraction;
(d) coal seam gas extracted as a necessary incident of mining coal.
Example:
Gas extracted on an ongoing basis from a coal mine, or a proposed coal mine (if it is not extracted as part of a separate commercial operation) in order to comply with engineering requirements, mine safety laws or environmental conditions would be a taxable resource because its extraction is a necessary incident of mining the coal.
Gas extracted before coal mining begins as part of an independent commercial operation would not be a taxable resource because its extraction would not be a necessary incident of coal mining. Instead, that gas would be subject to taxation under the Petroleum Resource Rent Tax Assessment Act 1987 .
20-5(2)
In deciding whether something is a taxable resource , disregard:
(a) the use to which it is or will be put; and
(b) what is or will be produced from it after extraction.
20-5(3)
A quantity of a thing may be a taxable resource even if its extent is not known (for example, before it is extracted).
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