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Minerals Resource Rent Tax Bill 2011

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2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Minerals Resource Rent Tax Bill 2011

 

 

(1)           Clause 10-1, page7 (line 12), omit “A”, insert “substitute “Subject to section 10-30, a”.

[industry pays when mature miner pays]

(2)           Page 9 (after line 17), at the end of Division 10, add:

10-30  No liability unless mature miner pays tax

             (1)  Notwithstanding any other provision of this Act, a miner other than a *mature miner has no liability to pay *MRRT for any *MRRT year that commences before the *MRRT year in which a *mature miner has its first *MRRT liability.

             (2)  A mature miner is a miner whose*group production of taxable resources for an MRRT year has exceeded 40 million tonnes.

[industry pays when mature miner pays]

(3)           Page 16 (after line 4), at the end of Division 20, add:

             (4)  However, *magnetite ore, and any commodity produced from beneficiation or other processing of magnetite ore after extraction, is not a taxable resource.

             (5)  Magnetite ore is ore containing magnetite (ferrous-ferric oxide) and having the property of ferrimagnetism (ions of iron (Fe2 + and Fe3 +) spontaneously aligning in the sublattice of a crystalline solid to produce net magnetic moment that is observed as permanent magnetism of the solid at normal room temperature).

[magnetite exclusion]

(4)           Clause 300-1, page 261 (after line 27), after the definition of general interest charge , insert:

group production of taxable resources has the meaning given by section 175-15.

[industry pays when mature miner pays]

(5)           Clause 300-1, page 263 (after line 6), after the definition of long term bond rate , insert:

magnetite ore has the meaning given by subsection 20-5(5).

[magnetite exclusion]

(6)           Clause 300-1, page 263 (after line 8), after the definition of market value , insert:

mature miner has the meaning given by subsection 10-30(2).

[industry pays when mature miner pays]