MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 200 - Simplified MRRT method  

Operative provisions  

SECTION 200-10   CHOOSING TO USE THE SIMPLIFIED MRRT METHOD  

200-10(1)    
A miner may choose to use the simplified MRRT method for an * MRRT year if the sum (the miner ' s group profit ) of each of the following * entities ' profit worked out under section 200-15 for that year is less than $ 75 million:

(a) the miner;

(b) an entity * connected with the miner;

(c) an * affiliate of the miner;

(d) an entity of which the miner is an affiliate;

(e) an affiliate of an entity covered by paragraph (b);

(f) an entity connected with an entity covered by paragraph (b), (c) or (d).

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.

200-10(2)    
A miner may also choose to use the simplified MRRT method for an * MRRT year if:

(a) the miner ' s group profit for that year is less than $ 250 million; and

(b) none of the * entities mentioned in subsection (1) has a mining project interest covered by subsection (3) for the year.

200-10(3)    
A mining project interest is covered by this subsection for an * MRRT year if the difference between:

(a) the sum of the amounts mentioned in paragraph 60-25(1)(a) for that interest for that year; and

(b) the sum of any amounts received or receivable in that year as mentioned in subsection 60-30(1) in relation to the amounts mentioned in that paragraph;

is less than 25 % of the amount of the * entity ' s profit (worked out under section 200-15 ) for that year that relates to that interest.

Note:

Paragraph 60-25(1)(a) is about liabilities that give rise to royalty credits. These amounts are not the same as the royalty credits, which are grossed up under paragraph 60-25(1)(b).

200-10(4)    
The choice must be given to the Commissioner.

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 requires the choice to be in the approved form.