sec.24Royalty on stocks of mineral for mining operation that has ended

sec.24 Royalty on stocks of mineral for mining operation that has ended

This section applies if— a mining operation has ended; and there are minerals, other than coal seam gas, mined under the operation that have not been sold, disposed of or used; and the revenue commissioner reasonably believes the minerals mentioned in paragraph (b) will not be sold, disposed of or used within 1 year after the day the operation ended. The return for the return period in which the mining operation ended must include royalty for the minerals at the rate prescribed under section 22 . If any of the minerals is a mineral for which the royalty payable must be worked out by reference to the mineral’s value, the revenue commissioner must decide— the gross value of the mineral, worked out under part 5 as if the mineral had been sold, disposed of or used; and the value of the mineral, worked out under section 29 , as if the mineral had been sold, disposed of or used. (sec.24-ssec.1) This section applies if— a mining operation has ended; and there are minerals, other than coal seam gas, mined under the operation that have not been sold, disposed of or used; and the revenue commissioner reasonably believes the minerals mentioned in paragraph (b) will not be sold, disposed of or used within 1 year after the day the operation ended. (sec.24-ssec.2) The return for the return period in which the mining operation ended must include royalty for the minerals at the rate prescribed under section 22 . (sec.24-ssec.3) If any of the minerals is a mineral for which the royalty payable must be worked out by reference to the mineral’s value, the revenue commissioner must decide— the gross value of the mineral, worked out under part 5 as if the mineral had been sold, disposed of or used; and the value of the mineral, worked out under section 29 , as if the mineral had been sold, disposed of or used.

• (a) a mining operation has ended; and
• (b) there are minerals, other than coal seam gas, mined under the operation that have not been sold, disposed of or used; and
• (c) the revenue commissioner reasonably believes the minerals mentioned in paragraph (b) will not be sold, disposed of or used within 1 year after the day the operation ended.
• (a) the gross value of the mineral, worked out under part 5 as if the mineral had been sold, disposed of or used; and
• (b) the value of the mineral, worked out under section 29 , as if the mineral had been sold, disposed of or used.