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Minerals Resource Rent Tax (Imposition—Customs) Bill 2011

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2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Minerals Resource Rent Tax (Imposition—Customs) Bill 2011

 

 

(1)           Clause 4, page 2 (line 9), omit “Extraction factor”, substitute “(extraction factor + emerging miner factor)”.

[emerging miner MRRT rate]

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

[mature miner benchmark rate]

(3)           Clause 4, page 2 (after line 10), before the definition of extraction factor , insert:

emerging miner factor is:

                     (a)  where the group production of taxable resources for the miner for a year is less than 10 million tonnes—75%; or

                     (b)  otherwise—nil.

[emerging miner MRRT rate]

(4)           Clause 4, page 2 (after line 11), after the definition of extraction factor , insert:

group production of taxable resources has the meaning given by section 175-15 of the Minerals Resource Rent Tax Act 2011 .

[emerging miner MRRT rate]

(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 year so that the relevant formulas determine a benchmark rate for each taxable resource as a percentage, in the *MRRT year, that that miner’s MRRT liability in that year bears to that miner’s mining tax profit (as defined by the Minerals Resource Rent Tax Act 2011 ).

[mature miner benchmark rate]