sec.23Particular royalties payable on adjustment basis

sec.23 Particular royalties payable on adjustment basis

This section applies if— a prescribed mineral (royalty) or a relevant mineral is sold; and under the terms of the contract of sale of the mineral, the gross value (the actual gross value ) of the mineral under part 5 can not be finally worked out before the day the royalty return for the mineral is required to be lodged; and the revenue commissioner has not given a notice under subsection (5) to the holder for the mineral. The holder for the mineral must— when lodging the return mentioned in subsection (1) (b) , pay the amount of royalty (the provisional royalty ) for the mineral at the rate prescribed under section 22 , worked out on the basis of the assumed gross value for the mineral; and state, in the return (the subsequent return ) lodged for the period within which the actual gross value can be finally worked out, the amount that is the difference between— the amount (the actual royalty ) of the royalty for the mineral at the rate prescribed under section 22 , worked out on the basis of the actual gross value; and the provisional royalty. If the actual royalty is higher than the provisional royalty, the holder must pay the difference between the 2 amounts when the person lodges the subsequent return. If the actual royalty is less than the provisional royalty, the revenue commissioner must refund the amount that is the difference between the actual royalty and the provisional royalty under the Taxation Administration Act 2001 , part 4 , division 2 . If the revenue commissioner decides that this section does not apply for a particular holder or a particular sale of a mineral, the revenue commissioner must give the holder a notice stating that this section does not apply. In this section— assumed gross value , for a mineral, means the gross value of the mineral worked out under part 5 by reference to the information available for the return period relating to the return mentioned in subsection (2) (a) . relevant mineral means any of the following— iron ore; manganese; molybdenum; tantalum; tungsten; uranium. (sec.23-ssec.1) This section applies if— a prescribed mineral (royalty) or a relevant mineral is sold; and under the terms of the contract of sale of the mineral, the gross value (the actual gross value ) of the mineral under part 5 can not be finally worked out before the day the royalty return for the mineral is required to be lodged; and the revenue commissioner has not given a notice under subsection (5) to the holder for the mineral. (sec.23-ssec.2) The holder for the mineral must— when lodging the return mentioned in subsection (1) (b) , pay the amount of royalty (the provisional royalty ) for the mineral at the rate prescribed under section 22 , worked out on the basis of the assumed gross value for the mineral; and state, in the return (the subsequent return ) lodged for the period within which the actual gross value can be finally worked out, the amount that is the difference between— the amount (the actual royalty ) of the royalty for the mineral at the rate prescribed under section 22 , worked out on the basis of the actual gross value; and the provisional royalty. (sec.23-ssec.3) If the actual royalty is higher than the provisional royalty, the holder must pay the difference between the 2 amounts when the person lodges the subsequent return. (sec.23-ssec.4) If the actual royalty is less than the provisional royalty, the revenue commissioner must refund the amount that is the difference between the actual royalty and the provisional royalty under the Taxation Administration Act 2001 , part 4 , division 2 . (sec.23-ssec.5) If the revenue commissioner decides that this section does not apply for a particular holder or a particular sale of a mineral, the revenue commissioner must give the holder a notice stating that this section does not apply. (sec.23-ssec.6) In this section— assumed gross value , for a mineral, means the gross value of the mineral worked out under part 5 by reference to the information available for the return period relating to the return mentioned in subsection (2) (a) . relevant mineral means any of the following— iron ore; manganese; molybdenum; tantalum; tungsten; uranium.