MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
A liability a miner incurs gives rise to a royalty credit for a mining project interest the miner has to the extent that the liability is to pay, in relation to a * taxable resource extracted under the authority of the * production right to which the interest relates:
(a) a * mining royalty ; or
(b) an amount to another * entity by way of * recoupment of a liability the other entity incurs that, because of a previous application of this section:
(i) gives rise at any time to a royalty credit for a mining project interest the other entity has that relates to the production right; or
(ii) would give rise to such a royalty credit, if the other entity had a mining project interest in relation to the production right.
Note:
Sections 60-30 and 30-45 set out consequences for the entity that receives a recoupment of an amount giving rise to a royalty credit.
60-20(2)
The * royalty credit arises at the time the miner incurs the liability, and relates to the * MRRT year in which it arises.
Note:
If more than one liability satisfying this section is incurred in an MRRT year, more than one royalty credit arises in that year.
60-20(3)
The * royalty credit ceases to be a royalty credit if it has been fully applied in working out any of the following:
(a) a * royalty allowance for the mining project interest;
(b) * transferred royalty allowances for other mining project interests.
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