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- Part 1-1—Preliminary
- Part 1-2—A guide to this Act
- Part 2-1—Core rules
- Part 2-2—Mining project interests
- Part 2-3—Mining profits
- Part 2-4—Low profit offsets
- Part 2-5—Payment of MRRT
- Part 3-1—Royalty allowances
- Part 3-2—Transferred royalty allowances
- Part 3-3—Pre-mining loss allowances
- Part 3-4—Mining loss allowances
- Part 3-5—Starting base allowances
- Part 3-6—Transferred pre-mining loss allowances
- Part 3-7—Transferred mining loss allowances
- Part 4-1—Mining project interests
- Part 4-2—Pre-mining project interests
- Part 4-3—Adjusting MRRT liabilities
- Part 4-4—Valuation
- Part 4-5—Accounting for MRRT
- Part 4-6—Integrity measures
- Part 4-7—Entities
- Part 4-8—Miscellaneous
- Part 6-1—Rules for interpreting this Act
- Part 6-2—Meaning of some important concepts
- Part 6-3—Dictionary
Content WindowMinerals Resource Rent Tax Bill 2011
This Act may be cited as the Minerals Resource Rent Tax Act 2012 .
This Act commences on 1 July 2012.
The object of this Act is to ensure that the Australian community receives an adequate return for its * taxable resources, having regard to:
(a) the inherent value of the resources; and
(b) the non-renewable nature of the resources; and
(c) the extent to which the resources are subject to Commonwealth, State and Territory royalties.
This Act does this by taxing above normal profits made by miners (also known as economic rents) that are reasonably attributable to the resources in the form and place they were in when extracted.
The Commissioner has the general administration of this Act.
Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .
The * MRRT law extends to every external Territory other than the Australian Antarctic Territory.
The * MRRT law extends to acts, omissions, matters and things outside * Australia (except where a contrary intention appears).