Download Fragment

Tuesday, 22 November 2011
Page: 13440

Mr CROOK (O'Connor) (02:12): by leave—I move amendments (2) and (5) as circulated in my name together:

(2) Clause 4, page 2 (line 8), before "The", insert "(1)".

(5) Clause 4, page 2 (after line 11), at the end of the clause, add:

(2) However, notwithstanding subsection (1), the MRRT rate for an MRRT year (as defined by the Minerals Resource Rent Tax Act 2011) for each taxable resource (as defined by the Minerals Resource Rent Tax Act 2011) shall not exceed a benchmark rate, which shall for each *MRRT year be a rate that is calculated by reference to a formula or formulas, to be prescribed by regulations, to be applied to a mature miner (as defined by the Minerals Resource Rent Tax Act 2011) having the highest *MRRT liability (as defined by the Minerals Resource Rent Tax Act 2011)for each taxable resource in the *MRRT yearso that the relevant formulas determine abenchmark ratefor each taxable resource as a percentage, in the *MRRT year, that that miner's MRRT liabilityin that year bears to that miner's mining tax profit (as defined by the Minerals Resource Rent Tax Act 2011).

As with previous amendments, these have the same intent as amendments to the previous bill and I refer members to those comments.

Question negatived.

The SPEAKER: The question now is that the bill be agreed to. Is a division required? If it would suit the convenience of the House, I will allow the bells to be run for one minute. Again, I indicate that this should not be taken as a significant precedent for other matters.

Question put.

The House divided. [02:15]

(The Speaker—Mr Harry Jenkins)

Question agreed to.

Bill agreed to.