115-75

Commissioner instalment rate for MRRT

Current

(1)

The Commissioner may give you an instalment rate from time to time, by giving you written notice of:

(a)

the instalment rate; and

(b)

the modified MRRT liability, as worked out under subsection (2), for the purposes of working out the instalment rate.

Note:

For whether the rate the Commissioner gives you is your applicable instalment rate for an instalment quarter, see section 115‑45.

(2)

An instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:

$Start formula start fraction Your modified liability for MRRT for the *base year over Your *instalment income for the base year end fraction times 100 end formula$

where:

modified liability for MRRT is the amount of *MRRT you are liable to pay for the *base year, subject to section 115‑80.

Note:

The instalment rate worked out under this subsection could exceed the MRRT rate. One reason for this is that not all amounts of mining revenue are included in instalment income.

(3)

The base year is the most recent *MRRT year for which an assessment of *MRRT has been made for you.

(4)

However, the instalment rate must be a nil rate if either component of the fraction is nil.

(5)

Despite subsections (2) to (4), the Commissioner may give you an instalment rate worked out on a different basis if, having regard to the object of this Division and the circumstances, the Commissioner is of the opinion:

(a)

that it would be reasonable to work out the rate under this subsection; and

(b)

that the rate so worked out is reasonable.

Example:

The following are some examples of circumstances in which a rate may be worked out on a different basis:

(a)

an entity joins or leaves a consolidated group;

(b)

a mining project interest is transferred or split;

(c)

there is no base year for the mining project interest;

(d)

there was a significant amount of one‑off capital expenditure in the base year;

(e)

MRRT allowances applied in a later year are expected to be significantly less than MRRT allowances applied in the base year;

(f)

there is a change in the economic circumstances of the mining industry.

(6)

To avoid doubt, an instalment rate the Commissioner works out under subsection (5) may be higher, or lower, than the rate worked out under subsection (2) (if a rate can be worked out under that subsection).

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