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Tuesday, 22 November 2011
Page: 13443

Mr CROOK (O'Connor) (02:22): by leave—I move amendments (2) and (5) as circulated in my name:

(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 amendments have the same intent as the amendments in the previous bill and I refer members to my comments on that bill. As it is now well and truly 23 November, I would like to take the opportunity to wish my wife a very happy birthday.

The SPEAKER: I am sure that members are not overwhelmed in being in your company at this time but join with you in your grateful wishes for a very happy day for your wife.

Question negatived.

The SPEAKER: The question now is that the bill be agreed to.

A division having been called and the bells being rung—

Honourable members interjecting—

The SPEAKER: Order! It is still the sitting of the 22nd and anybody who was warned on the 22nd remains warned!

Question put.

The House divided.   [02:24]

(The Speaker—Mr Harry Jenkins)

Question agreed to.

Bill agreed to.