

- Title
Minerals Resource Rent Tax (Imposition—Excise) Bill 2011
- Database
Amendments
- Date
10-05-2012 12:14 PM
- Source
House of Reps
- System Id
legislation/amend/r4703_amend_fd8f978f-52cd-4ebf-ac9b-b14ed75f4735
Bill home page


2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Minerals Resource Rent Tax (Imposition—Excise) Bill 2011
(Amendments to be moved by Mr Crook)
(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]