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Minerals Resource Rent Tax Bill 2011

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Minerals Resource Rent Tax Bill 2012

 

No.      , 2012

 

 

 

 

 

A Bill for an Act about a minerals resource rent tax, and for related purposes

   

   

   



Contents

Chapter 1—Introduction                                                                                        1

Part 1-1—Preliminary                                                                                                          1

Division 1—Preliminary                                                                                              1

1-1......... Short title............................................................................................. 1

1-5......... Commencement................................................................................... 2

1-10....... Object of this Act................................................................................ 2

1-15....... Administration of this Act................................................................... 2

1-20....... Extension to external Territories.......................................................... 2

1-25....... Extraterritorial application................................................................... 2

Part 1-2—A guide to this Act                                                                                           3

Division 2—Overview of this Act                                                                            3

2-1......... What this Act is about......................................................................... 3

2-5......... How this Act is arranged.................................................................... 4

Division 3—Defined terms                                                                                          5

3-1......... When defined terms are identified....................................................... 5

3-5......... When terms are not identified.............................................................. 5

3-10....... Identifying the defined term in a definition.......................................... 5

Division 4—Status of guides and other non-operative material             6

4-1......... Non-operative material........................................................................ 6

4-5......... Guides................................................................................................. 6

4-10....... Other material...................................................................................... 6

Chapter 2—General liability rules                                                                7

Part 2-1—Core rules                                                                                                             7

Division 10—Core rules                                                                                               7

10-1....... A miner’s liability for MRRT............................................................. 7

10-5....... The MRRT liability for a mining project interest................................. 7

10-10..... MRRT allowances.............................................................................. 8

10-15..... The effect of low profits on a miner’s liability for MRRT.................. 8

10-20..... Payment of MRRT.............................................................................. 9

10-25..... MRRT years....................................................................................... 9

Part 2-2—Mining project interests                                                                             10

Division 15—Mining project interests                                                                10

Guide to Division 15                                                                                                 10

15-1....... What this Division is about............................................................... 10

Operative provisions                                                                                                10

15-5....... When an entity has a mining project interest ..................................... 10

15-10..... Iron ore mining project interests to be kept separate.......................... 13

15-15..... Meaning of production right ............................................................. 13

15-20..... Meaning of project area ................................................................... 14

Division 20—Taxable resources                                                                            15

Guide to Division 20                                                                                                 15

20-1....... What this Division is about............................................................... 15

Operative provisions                                                                                                15

20-5....... What are taxable resources ............................................................... 15

Part 2-3—Mining profits                                                                                                  17

Division 25—Mining profits                                                                                     17

Guide to Division 25                                                                                                 17

25-1....... What this Division is about............................................................... 17

Operative provisions                                                                                                17

25-5....... How to work out the mining profit for a mining project interest....... 17

Division 30—Mining revenue                                                                                  19

Guide to Division 30                                                                                                 19

30-1....... What this Division is about............................................................... 19

Subdivision 30-A—A miner’s mining revenue                                                   19

30-5....... A miner’s mining revenue ................................................................. 20

Subdivision 30-B—Revenue from supply, export or use of taxable resources                20

30-10..... When amounts from taxable resources etc. are included in mining revenue             20

30-15..... Meaning of mining revenue event..................................................... 21

30-20..... Meaning of initial supply .................................................................. 22

30-25..... Working out amounts to be included................................................. 22

30-30..... Meaning of arm’s length consideration ............................................ 26

30-35..... When supplies are made.................................................................... 26

Subdivision 30-C—Other revenue                                                                        26

30-40..... Recoupment or offsetting of mining expenditure.............................. 27

30-45..... Recoupment of payments that give rise to royalty credits.................. 28

30-50..... Compensation for loss of taxable resources...................................... 28

30-55..... Amounts that do not relate to a particular mining revenue event....... 29

Subdivision 30-D—Miscellaneous                                                                         29

30-60..... No double counting........................................................................... 29

30-65..... Expenditure incurred in causing amounts to be received etc.............. 29

30-70..... Amounts taken to be received........................................................... 30

30-75..... GST and increasing adjustments....................................................... 30

Division 35—Mining expenditure                                                                          31

Guide to Division 35                                                                                                 31

35-1....... What this Division is about............................................................... 31

Subdivision 35-A—A miner’s mining expenditure                                           31

35-5....... A miner’s mining expenditure ........................................................... 31

35-10..... General expenditure.......................................................................... 32

35-15..... Meaning of upstream mining operations .......................................... 32

35-20..... Meaning of mining operations .......................................................... 33

35-25..... No double counting........................................................................... 34

Subdivision 35-B—Excluded expenditure                                                          34

35-35..... Cost of acquiring rights and interests in projects............................... 35

35-40..... Royalties........................................................................................... 35

35-45..... Meanings of mining royalty and private mining royalty ................... 36

35-50..... Financing costs................................................................................. 37

35-55..... Hire purchase agreements................................................................. 38

35-60..... Non-adjacent land and buildings used in administrative or accounting activities      39

35-65..... Hedging or foreign exchange arrangements...................................... 39

35-70..... Rehabilitation bond and trust payments............................................. 39

35-75..... Payments of income tax or GST....................................................... 40

Division 40—Valuation point                                                                                  41

Guide to Division 40                                                                                                 41

40-1....... What this Division is about............................................................... 41

Operative provisions                                                                                                41

40-5....... Meaning of valuation point ............................................................... 41

Part 2-4—Low profit offsets                                                                                          43

Division 45—Low profit offsets                                                                             43

Guide to Division 45                                                                                                 43

45-1....... What this Division is about............................................................... 43

Operative provisions                                                                                                43

45-5....... Low profit offset—profits not greater than $75 million.................... 43

45-10..... Low profit offset—profits greater than $75 million and less than $125 million       44

Part 2-5—Payment of MRRT                                                                                       46

Division 50—How to work out when to pay MRRT                                  46

Guide to Division 50                                                                                                 46

50-1....... What this Division is about............................................................... 46

Operative provisions                                                                                                46

50-5....... When assessed MRRT is payable..................................................... 46

50-10..... When shortfall interest charge is payable.......................................... 47

50-15..... General interest charge payable on unpaid assessed MRRT or shortfall interest charge           47

Chapter 3—MRRT allowances                                                                      49

Part 3-1—Royalty allowances                                                                                        49

Division 60—Royalty allowances                                                                          49

Guide to Division 60                                                                                                 49

60-1....... What this Division is about............................................................... 49

Operative provisions                                                                                                50

60-5....... Objects of this Division.................................................................... 50

60-10..... When a miner has a royalty allowance.............................................. 50

60-15..... The amount of a royalty allowance.................................................... 50

60-20..... When a royalty credit arises.............................................................. 51

60-25..... Amount of a royalty credit................................................................ 51

60-30..... Royalty credits reduced by recoupments........................................... 53

Part 3-2—Transferred royalty allowances                                                            54

Division 65—Transferred royalty allowances                                               54

Guide to Division 65                                                                                                 54

65-1....... What this Division is about............................................................... 54

Operative provisions                                                                                                54

65-5....... Object of this Division...................................................................... 54

65-10..... When a miner has a transferred royalty allowance............................ 55

65-15..... The amount of a transferred royalty allowance.................................. 55

65-20..... Available royalty credits.................................................................... 55

Part 3-3—Pre-mining loss allowances                                                                       57

Division 70—Pre-mining loss allowances                                                         57

Guide to Division 70                                                                                                 57

70-1....... What this Division is about............................................................... 57

Subdivision 70-A—Object of this Division                                                          57

70-5....... Objects of this Division.................................................................... 57

Subdivision 70-B—When a miner has a pre-mining loss allowance            58

70-10..... When a miner has a pre-mining loss allowance................................. 58

70-15..... The amount of a pre-mining loss allowance...................................... 59

70-20..... Available pre-mining losses for a pre-mining loss allowance........... 59

70-25..... Meaning of pre-mining project interest etc....................................... 60

Subdivision 70-C—Pre-mining losses                                                                  60

70-30..... Pre-mining losses.............................................................................. 61

70-35..... Meaning of pre-mining expenditure etc............................................ 61

70-40..... Meaning of pre-mining revenue ........................................................ 63

Subdivision 70-D—Amounts of pre-mining losses                                            64

70-45..... Pre-mining losses for the MRRT years in which they arise.............. 64

70-50..... Pre-mining losses for later MRRT years........................................... 64

Part 3-4—Mining loss allowances                                                                                66

Division 75—Mining loss allowances                                                                  66

Guide to Division 75                                                                                                 66

75-1....... What this Division is about............................................................... 66

Operative provisions                                                                                                66

75-5....... Objects of this Division.................................................................... 66

75-10..... When a miner has a mining loss allowance....................................... 67

75-15..... The amount of a mining loss allowance............................................ 67

75-20..... Mining losses.................................................................................... 67

Part 3-5—Starting base allowances                                                                            69

Division 80—Starting base allowances                                                              69

Guide to Division 80                                                                                                 69

80-1....... What this Division is about............................................................... 69

Subdivision 80-A—Objects of this Division                                                        70

80-5....... Objects of this Division.................................................................... 70

Subdivision 80-B—When a miner has a starting base allowance                 70

80-10..... When a miner has a starting base allowance...................................... 71

80-15..... The amount of a starting base allowance........................................... 71

80-20..... When a miner has a starting base loss............................................... 71

Subdivision 80-C—Starting base assets                                                               72

80-25..... Meaning of starting base asset ......................................................... 72

80-30..... Treating starting base assets as a single starting base asset............... 73

80-35..... Mine development expenditure may be a starting base asset............. 74

Subdivision 80-D—Amounts of starting base losses                                         75

80-40..... Starting base losses for the MRRT years in which they arise........... 75

80-45..... Starting base losses for later MRRT years........................................ 77

80-50..... Mining project interests originating from pre-mining project interests with different valuation approaches             78

Division 85—Valuation approaches                                                                    80

Guide to Division 85                                                                                                 80

85-1....... What this Division is about............................................................... 80

Operative provisions                                                                                                80

85-5....... Choosing a valuation approach......................................................... 80

85-10..... Restriction on specifying the book value approach........................... 81

85-15..... The valuation approach for a mining project interest......................... 82

Division 90—Declines in value of starting base assets                               83

Guide to Division 90                                                                                                 83

90-1....... What this Division is about............................................................... 83

Subdivision 90-A—How to work out the decline in value of a starting base asset          83

90-5....... How to work out the decline in value of a starting base asset........... 84

90-10..... Write off rates under the book value approach.................................. 84

90-15..... Write off rates under the market value approach............................... 85

Subdivision 90-B—Base values under the book value approach                  87

90-20..... Application of this Subdivision......................................................... 87

90-25..... Initial base value................................................................................ 87

90-30..... Later base values............................................................................... 90

Subdivision 90-C—Base values under the market value approach              90

90-35..... Application of this Subdivision......................................................... 91

90-40..... Initial base value................................................................................ 91

90-45..... Mining project interest originating from pre-mining project interests etc. 92

90-50..... Later base values............................................................................... 93

Subdivision 90-D—Miscellaneous                                                                         93

90-55..... Meaning of interim expenditure ........................................................ 93

90-60..... Partial disposal of a starting base asset before the start time.............. 95

90-65..... Recoupment of the value of a starting base asset............................... 96

Part 3-6—Transferred pre-mining loss allowances                                          99

Division 95—Transferred pre-mining loss allowances                              99

Guide to Division 95                                                                                                 99

95-1....... What this Division is about............................................................... 99

Operative provisions                                                                                                99

95-5....... Object of this Division...................................................................... 99

95-10..... When a miner has a transferred pre-mining loss allowance............. 100

95-15..... The amount of a transferred pre-mining loss allowance.................. 100

95-20..... Available pre-mining losses for a transferred pre-mining loss allowance 100

95-25..... Cap on available pre-mining losses................................................. 102

95-30..... The pre-mining loss cap ................................................................. 103

Part 3-7—Transferred mining loss allowances                                                 105

Division 100—Transferred mining loss allowances                                  105

Guide to Division 100                                                                                             105

100-1..... What this Division is about............................................................. 105

Operative provisions                                                                                              105

100-5..... Object of this Division.................................................................... 105

100-10... When a miner has a transferred mining loss allowance................... 106

100-15... The amount of a transferred mining loss allowance........................ 106

100-20... Available mining losses.................................................................. 106

100-25... Common ownership test................................................................. 107

Chapter 4—Specialist liability rules                                                        108

Part 4-1—Mining project interests                                                                           108

Division 115—Combining mining project interests                                  108

Guide to Division 115                                                                                             108

115-1..... What this Division is about............................................................. 108

Subdivision 115-A—Object of this Division                                                     108

115-5..... Object of this Division.................................................................... 108

Subdivision 115-B—When mining project interests are combined            109

115-10... Mining project interests may be treated as the same mining project interest             109

115-15... Choosing to override non-compliance............................................. 110

115-20... Transferability of royalty credits..................................................... 111

115-25... Transferability of pre-mining losses................................................ 111

115-30... Transferability of mining losses...................................................... 111

115-35... Starting base losses and starting base assets................................... 112

Subdivision 115-C—The effect of combining mining project interests     112

115-40... The effect of combining mining project interests............................. 112

115-45... Allowance components arising in preceding MRRT years............. 113

115-50... Different valuation approaches for mining project interests............ 114

115-55... Transferred pre-mining loss allowances.......................................... 115

115-60... Transferred mining loss allowances................................................ 116

115-65... Choice of the alternative valuation method...................................... 117

Division 120—Transferring mining project interests                              118

Guide to Division 120                                                                                             118

120-1..... What this Division is about............................................................. 118

Operative provisions                                                                                              118

120-5..... Object of this Division.................................................................... 118

120-10... Effect of mining project transfer...................................................... 119

120-15... Effect of transferred property.......................................................... 122

120-20... Events happening after mining project transfer............................... 123

120-25... Start of mining venture taken to be mining project transfer............. 124

Division 125—Splitting mining project interests                                        125

Guide to Division 125                                                                                             125

125-1..... What this Division is about............................................................. 125

Operative provisions                                                                                              125

125-5..... Object of this Division.................................................................... 125

125-10... Effect of mining project split........................................................... 126

125-15... Meaning of split percentage ............................................................ 130

125-20... Effect of transferred property.......................................................... 130

125-25... Effect of MRRT liability from earlier years on rehabilitation tax offset amounts      131

125-30... Events happening after mining project split..................................... 131

125-35... Start of mining venture taken to be mining project split.................. 132

Division 130—Winding down mining project interests                           134

Guide to Division 130                                                                                             134

130-1..... What this Division is about............................................................. 134

Operative provisions                                                                                              134

130-5..... Object of this Division.................................................................... 134

130-10... Suspension days for mining project interests.................................. 134

130-15... Extinguishing allowance components............................................. 135

130-20... Restarting commercial production................................................... 136

Division 135—Ending mining project interests                                           137

Guide to Division 135                                                                                             137

135-1..... What this Division is about............................................................. 137

Operative provisions                                                                                              137

135-5..... The termination day for a mining project interest............................ 137

135-10... The effect of renewing or changing production rights..................... 137

135-15... The effect of renewing or changing mining ventures...................... 138

135-20... The effect of mining project transfers and mining project splits...... 138

135-25... Continuation of obligations etc. after the termination day................ 138

Part 4-2—Pre-mining project interests                                                                  140

Division 140—Pre-mining profits and royalty credits                             140

Guide to Division 140                                                                                             140

140-1..... What this Division is about............................................................. 140

Subdivision 140-A—Pre-mining profits                                                            140

140-5..... Pre-mining profits........................................................................... 140

140-10... Treatment of pre-mining profits—general rule................................ 141

140-15... Effect on allowance components for other mining project interests. 142

140-20... Treatment of pre-mining profits—mining project interest originating from the pre-mining project interest              143

Subdivision 140-B—Pre-mining royalty credits                                             143

140-25... Pre-mining royalty credits............................................................... 143

Division 145—Transferring pre-mining project interests                     145

Guide to Division 145                                                                                             145

145-1..... What this Division is about............................................................. 145

Operative provisions                                                                                              145

145-5..... Object of this Division.................................................................... 145

145-10... Continuation of pre-mining project interest..................................... 146

145-15... Effects of pre-mining project transfer.............................................. 146

145-20... Effect of transferred property.......................................................... 148

145-25... Events happening after pre-mining project transfer......................... 149

145-30... Pre-mining project transfer when mining project interest originates 150

Division 150—Splitting pre-mining project interests                               152

150-1..... Guide to Division 150..................................................................... 152

Operative provisions                                                                                              152

150-5..... Object of this Division.................................................................... 152

150-10... Continuation of pre-mining project interest..................................... 153

150-15... Effects of pre-mining project split................................................... 153

150-20... Effect of transferred property.......................................................... 155

150-25... Effect of MRRT liability from earlier years on rehabilitation tax offset amounts      156

150-30... Events happening after pre-mining project split.............................. 157

150-35... Pre-mining project split when mining project interest originates..... 158

Division 155—Ending pre-mining project interests                                  160

Guide to Division 155                                                                                             160

155-1..... What this Division is about............................................................. 160

Operative provisions                                                                                              160

155-5..... The termination day for a pre-mining project interest...................... 160

155-10... The effect of renewing or changing exploration rights.................... 160

155-15... The effect of pre-mining project transfers and pre-mining project splits.. 161

155-20... Continuation of obligations etc. after the termination day................ 161

155-25... Extinguishing allowance components............................................. 162

Part 4-3—Adjusting MRRT liabilities                                                                    163

Division 160—Adjustments to revenue and expenditure of project interests     163

Guide to Division 160                                                                                             163

160-1..... What this Division is about............................................................. 163

Operative provisions                                                                                              163

160-5..... Object of this Division.................................................................... 163

160-10... Mining adjustments......................................................................... 164

160-15... Effect of mining adjustments on mining revenue, mining expenditure etc.               165

Division 165—Starting base adjustments                                                       168

Guide to Division 165                                                                                             168

165-1..... What this Division is about............................................................. 168

Subdivision 165-A—Starting base adjustment events and starting base adjustment amounts     168

165-5..... Starting base adjustment events....................................................... 168

165-10... Starting base adjustment amounts................................................... 169

165-15... Reductions in declines in value of starting base assets.................... 171

Subdivision 165-B—General rules for starting base adjustments              172

165-20... Starting base adjustments................................................................ 172

165-25... The effect of starting base adjustments on starting base losses....... 173

165-30... The effect of negative starting base adjustments on mining revenue 174

Subdivision 165-C—Partial disposal of starting base assets                        174

165-35... Starting base adjustments for partial disposal of starting base assets 174

165-40... Declines in value of retained parts of starting base assets............... 175

165-45... Reductions in starting base losses................................................... 177

165-50... Base value for the next MRRT year................................................ 178

Subdivision 165-D—Miscellaneous                                                                    178

165-55... Use etc. of starting base assets for other mining project interests etc. 178

165-60... Effect on base value of use etc. of starting base assets after starting base adjustment events    181

Part 4-4—Valuation                                                                                                           182

Division 170—Valuation principles                                                                    182

Guide to Division 170                                                                                             182

170-1..... What this Division is about............................................................. 182

Operative provisions                                                                                              182

170-5..... Valuations to comply with valuation principles............................... 182

170-10... The valuation principles.................................................................. 183

Division 175—Alternative valuation method                                               185

Guide to Division 175                                                                                             185

175-1..... What this Division is about............................................................. 185

Subdivision 175-A—Object of this Division                                                     185

175-5..... Object of this Division.................................................................... 186

Subdivision 175-B—Choosing to use the alternative valuation method   186

175-10... Choosing to use the alternative valuation method............................ 186

175-15... Group production of taxable resources........................................... 187

Subdivision 175-C—Amounts included in mining revenue under the alternative valuation method        188

175-20... When amounts are included in mining revenue under the alternative valuation method            188

175-25... How to work out the single amount................................................ 189

175-30... Unadjusted revenue amounts.......................................................... 190

175-35... Downstream operating costs........................................................... 190

175-40... Depreciation of assets..................................................................... 190

175-45... Return on capital costs.................................................................... 192

Division 180—Valuation of starting base assets using the look-back approach               194

Guide to Division 180                                                                                             194

180-1..... What this Division is about............................................................. 194

Operative provisions                                                                                              194

180-5..... Choosing to apply the look-back approach..................................... 194

180-10... The effect of the look-back approach on valuation of mining project interests         195

Part 4-5—Accounting for MRRT                                                                             197

Division 185—Currency translation                                                                 197

Guide to Division 185                                                                                             197

185-1..... What this Division is about............................................................. 197

Operative provisions                                                                                              197

185-5..... Objects of this Division.................................................................. 197

185-10... Translation of amounts into Australian currency............................. 198

185-15... Functional currency rules................................................................ 199

185-20... Functional currency rules—Australian permanent establishments.. 201

185-25... Special translation rules................................................................... 202

Division 190—Substituted accounting periods                                             207

Guide to Division 190                                                                                             207

190-1..... What this Division is about............................................................. 207

Operative provisions                                                                                              207

190-5..... Object of this Division.................................................................... 207

190-10... Accounting periods recognised for income tax purposes................ 207

190-15... Changes in accounting periods........................................................ 208

190-20... The effect of transitional accounting periods on threshold amounts 209

190-25... The effect of transitional accounting periods on uplift factors......... 211

Division 195—Non-cash benefits                                                                         212

Guide to Division 195                                                                                             212

195-1..... What this Division is about............................................................. 212

Operative provisions                                                                                              212

195-5..... Object of this Division.................................................................... 212

195-10... Barter transactions........................................................................... 213

195-15... Gift transactions.............................................................................. 213

Division 200—Simplified MRRT method                                                       215

Guide to Division 200                                                                                             215

200-1..... What this Division is about............................................................. 215

Operative provisions                                                                                              215

200-5..... Effect of the simplified MRRT method........................................... 215

200-10... Choosing to use the simplified MRRT method............................... 216

200-15... Working out an entity’s profit for simplified MRRT method purposes 217

Part 4-6—Integrity measures                                                                                       219

Division 205—Anti-profit shifting                                                                       219

Guide to Division 205                                                                                             219

205-1..... What this Division is about............................................................. 219

Operative provisions                                                                                              219

205-5..... Object of Division........................................................................... 219

205-10... Amounts to reflect independent dealings......................................... 220

205-15... Method to be used when determining amounts for the purposes of this Division    221

205-20... Commissioner may compensate entity or another entity.................. 222

205-25... Commissioner determinations......................................................... 224

Division 210—Anti-avoidance                                                                              226

Guide to Division 210                                                                                             226

210-1..... What this Division is about............................................................. 226

Subdivision 210-A—Application of this Division                                            226

210-5..... Object of this Division.................................................................... 227

210-10... When does this Division apply?...................................................... 227

210-15... When does an entity get an MRRT benefit from a scheme?............ 228

210-20... Matters to be considered in determining purpose............................ 229

Subdivision 210-B—Commissioner may negate effects of schemes for MRRT benefits              229

210-25... Commissioner may negate entity’s MRRT benefits........................ 230

210-30... Commissioner may compensate entity or another entity.................. 230

210-35... One determination may cover several MRRT years etc................... 231

210-40... Commissioner must give copy of determination to entity affected.. 232

Part 4-7—Entities                                                                                                                233

Division 215—Consolidated groups                                                                   233

Guide to Division 215                                                                                             233

215-1..... What this Division is about............................................................. 233

Operative provisions                                                                                              234

215-5..... Objects of this Division.................................................................. 234

215-10... Choice to consolidate for MRRT purposes..................................... 234

215-15... Single entity rule............................................................................. 235

215-20... Project interests transferred to head company etc. on joining.......... 236

215-25... Project interests transferred to leaving entity on leaving.................. 236

215-30... Mining project interests etc. split to leaving entity on leaving......... 237

215-35... Acquisition of consolidated group by another consolidated group etc. 237

215-40... Instalment rates for leaving entity or new head company................ 238

215-45... Effect of choice to continue group after shelf company becomes new head company              238

215-50... Effect of change of head company or provisional head company of a MEC group  239

215-55... Effect of group conversions involving MEC groups...................... 240

Division 220—Partnerships and unincorporated associations and bodies            242

Guide to Division 220                                                                                             242

220-1..... What this Division is about............................................................. 242

Operative provisions                                                                                              242

220-5..... Partnerships.................................................................................... 242

220-10... Unincorporated associations and bodies......................................... 243

Part 4-8—Miscellaneous                                                                                                  244

Division 225—Rehabilitation tax offsets                                                         244

Guide to Division 225                                                                                             244

225-1..... What this Division is about............................................................. 244

Operative provisions                                                                                              244

225-5..... Object of this Division.................................................................... 244

225-10... Entitlement to rehabilitation tax offsets............................................ 244

225-15... Rehabilitation tax offset amounts relating to mining project interests 246

225-20... Rehabilitation tax offset amounts relating to pre-mining project interests 247

225-25... Application of rehabilitation tax offsets........................................... 248

Chapter 5—Miscellaneous                                                                                 250

Division 235—Miscellaneous                                                                                 250

235-1..... Regulations..................................................................................... 250

Chapter 6—Interpreting this Act                                                                251

Part 6-1—Rules for interpreting this Act                                                             251

Division 245—Rules for interpreting this Act                                              251

245-1..... What forms part of this Act............................................................. 251

245-5..... What does not form part of this Act................................................ 251

245-10... Guides and other non-operative provisions, and their role in interpreting this Act   251

Part 6-2—Meaning of some important concepts                                              253

Division 250—Meaning of hold                                                                            253

Guide to Division 250                                                                                             253

250-1..... What this Division is about............................................................. 253

Operative provisions                                                                                              253

250-5..... Meaning of hold .............................................................................. 253

250-10... When certain starting base assets are held....................................... 254

250-15... Things that are jointly held.............................................................. 254

Division 255—Integrated mining project interests                                   255

Guide to Division 255                                                                                             255

255-1..... What this Division is about............................................................. 255

Operative provisions                                                                                              255

255-5..... Upstream integration of mining project interests............................. 255

255-10... Downstream integration of mining project interests........................ 256

255-15... Meaning of downstream mining operations ................................... 256

255-20... Choice to integrate........................................................................... 257

Part 6-3—Dictionary                                                                                                         258

Division 300—Dictionary                                                                                        258

300-1..... Dictionary....................................................................................... 258

 



A Bill for an Act about a minerals resource rent tax, and for related purposes

The Parliament of Australia enacts:

Chapter 1 Introduction

Chapter 2 General liability rules

Chapter 3 MRRT allowances

Chapter 4 Specialist liability rules

Chapter 5 Miscellaneous

   

Division 235 Miscellaneous

235-1   Regulations

                   The Governor-General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.



 

Chapter 6 Interpreting this Act