1Short title
This Act may be cited as the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012.
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Bill homepage (APH)This Act may be cited as the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
|---|---|---|
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 29 March 2012 |
2. Schedule 1 | At the same time as the Minerals Resource Rent Tax Act 2012 commences. | 1 July 2012 |
3. Schedule 2, Part 1 | Immediately after the commencement of Part 1 of Schedule 1 to the Indirect Tax Laws Amendment (Assessment) Act 2012. | 1 July 2012 |
4. Schedule 2, Part 2 | At the same time as the Minerals Resource Rent Tax Act 2012 commences. However, the provision(s) do not commence at all if the Indirect Tax Laws Amendment (Assessment) Act 2012 receives the Royal Assent before 1 July 2012. | Does not commence |
5. Schedule 3, Part 1 | At the same time as the Minerals Resource Rent Tax Act 2012 commences. | 1 July 2012 |
6. Schedule 3, item 90 | Immediately after the commencement of Part 1 of Schedule 1 to the Indirect Tax Laws Amendment (Assessment) Act 2012. | 1 July 2012 |
7. Schedule 3, item 91 | At the same time as the Minerals Resource Rent Tax Act 2012 commences. However, if section 3 of the Clean Energy Act 2011 commences on 1 July 2012, the provision(s) commence immediately after that commencement. | 1 July 2012 |
8. Schedule 3, item 92 | The later of: (a) immediately after the commencement of the provision(s) covered by table item 2; and (b) at the same time as section 3 of the Clean Energy Act 2011 commences. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. | 1 July 2012 (paragraph (a) applies) |
9. Schedule 4 | At the same time as the Minerals Resource Rent Tax Act 2012 commences. | 1 July 2012 |
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendment of the Taxation Administration Act 1953 not related to assessments
1 Subsection 8AAB(4) (after table item 19)
Insert:
19A | 50‑15 | Minerals Resource Rent Tax Act 2012 | payment of MRRT |
2 Subsection 8AAB(4) (after table item 45)
Insert:
45A | 115‑30 in Schedule 1 | Taxation Administration Act 1953 | payment of MRRT instalments |
45B | 115‑65 in Schedule 1 | Taxation Administration Act 1953 | shortfall in MRRT instalments worked out on the basis of a varied rate |
3 At the end of section 11‑1 in Schedule 1
Add:
; and (g) *MRRT.
4 Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1
After “tax”, insert “or *MRRT”.
5 Subdivision 18‑A in Schedule 1 (heading)
Repeal the heading, substitute:
An entity is entitled to a credit in an *MRRT year if:
one or more *withholding payments covered by section 12‑325 (natural resource payments) from which there are *amounts withheld in respect of *MRRT are made to the entity during the MRRT year; and
an assessment has been made of the MRRT payable, or an assessment has been made that no MRRT is payable, by the entity for the MRRT year.
The amount of the credit is so much of the total of the *amounts withheld as is withheld in respect of *MRRT.
8 After Part 3‑10 in Schedule 1
Insert:
You pay quarterly instalments of MRRT under this Division if you have mining revenue for a quarter or a positive instalment rate.
Instalments give rise to a credit once an assessment of the MRRT is made.
The amount of a quarterly instalment is the product of your instalment income for the quarter and your applicable instalment rate.
The applicable instalment rate may be a rate chosen by you, a rate given to you by the Commissioner, or a statutory default rate.
General interest charge may be payable if a rate you choose for a quarter is too low, having regard to the amount of MRRT you are liable to pay for the year.
The objects of this Division are:
to ensure the efficient collection of *MRRT by the payment of quarterly instalments; and
to calculate total instalments for the *MRRT year that are as close as possible to the amount of MRRT you are liable to pay for the year.
You are liable to pay an instalment under this Division in relation to an *instalment quarter in an *MRRT year, if:
you have a *mining project interest or *hold a *pre‑mining project interest; and
either:
you have *mining revenue or *pre‑mining revenue relating to the instalment quarter; or
your *applicable instalment rate for the instalment quarter is greater than nil.
For provisions about collection and recovery of amounts you are liable to pay under this Division, see Part 4‑15.
For applicable instalment rate, see section 115‑45.
Meaning of instalment quarter
For an *MRRT year (whether it ends on 30 June or not), the following are the instalment quarters:
your first instalment quarter consists of the first 3 months of the MRRT year;
your second instalment quarter consists of the fourth, fifth and sixth months of the MRRT year;
your third instalment quarter consists of the seventh, eighth and ninth months of the MRRT year;
your fourth instalment quarter consists of the tenth, 11th and 12th months of the MRRT year.
There is a special rule for MRRT years that are not 12 months: see Subdivision 115‑H.
If you are liable to pay an instalment for an *instalment quarter (even if it is a nil amount), you must notify the Commissioner of the amount of your *instalment income for the quarter.
You must notify the Commissioner in the *approved form and on or before the day when the instalment is due (regardless of whether it is paid).
Subsection (1) does not apply to you for an *instalment quarter if:
a nil rate determination under subsection 115‑45(2) or (3) applies to you for the quarter; and
you are exempted from compliance with subsection (1) for the quarter:
by a written notice the Commissioner gives you; or
by a legislative instrument that the Commissioner makes, exempting a class of entities.
An exemption under subsection (3) may be combined in the same document as a nil rate determination.
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