1-1   Short title

                   This Act may be cited as the Minerals Resource Rent Tax Act 2012 .

1-5   Commencement

                   This Act commences on 1 July 2012.

1-10   Object of this Act

                   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.

1-15   Administration of this Act

                   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 .

1-20   Extension to external Territories

                   The * MRRT law extends to every external Territory other than the Australian Antarctic Territory.

1-25   Extraterritorial application

                   The * MRRT law extends to acts, omissions, matters and things outside * Australia (except where a contrary intention appears).