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Minerals Resource Rent Tax Bill 2011

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7209 REVISED

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Minerals Resource Rent Tax Bill 2011

 

 

(1)     Clause 2-1, page 3 (lines 20 and 21), omit “Commonwealth, State and Territory mining royalty amounts”, substitute “mining royalty amounts under Commonwealth, State and Territory laws as in force on 1 July 2011”.

[increases in State or Territory royalties]

(2)     Clause 60-25, page 52 (after line 27), at the end of the clause, add:

             (3)  If a * Commonwealth law, a * State law or a * Territory law under which expenditure constituting a * mining royalty is made is modified on or after 1 July 2011, disregard the modification for the purposes of working out the amount of a * royalty credit under this section to the extent that the modification results in the amount of the mining royalty being greater than would have been the case had the modification not been made.

             (4)  Subsection (3) applies whether the law is modified by the insertion, omission, repeal, substitution or relocation of words or matter, or by any other means.

[increases in State or Territory royalties]