sec.26Threshold exemption for relevant minerals

sec.26 Threshold exemption for relevant minerals

No royalty is payable on the first $100,000 of the total value of a relevant mineral, mined under a mining operation, that is sold, disposed of or used in a financial year. If more than 1 relevant mineral mined under a mining operation is sold, disposed of or used in a financial year— the person by whom the royalty is payable under the Act for the minerals must nominate 1 of the minerals (the nominated mineral ); and no royalty is payable on the first $100,000 of the total value of the nominated mineral that is sold, disposed of or used in the financial year. However, if less than $100,000 of value of the nominated mineral is sold, disposed of or used in the financial year, the person may repeat the process under subsection (2) until the combined value of the relevant minerals nominated by the person and sold, disposed of or used in the financial year reaches $100,000. The nomination must be stated in the royalty return for the mineral lodged for the relevant return period. In this section— relevant mineral means any of the following— corundum; a gemstone; manganese; molybdenum; a precious stone; a prescribed mineral (royalty); a rare earth; tantalum; tungsten; uranium; a mineral mentioned in schedule 1 , part 2 , section 14 . relevant return period means the return period in which the threshold exemption is claimed for a relevant mineral for this section. (sec.26-ssec.1) No royalty is payable on the first $100,000 of the total value of a relevant mineral, mined under a mining operation, that is sold, disposed of or used in a financial year. (sec.26-ssec.2) If more than 1 relevant mineral mined under a mining operation is sold, disposed of or used in a financial year— the person by whom the royalty is payable under the Act for the minerals must nominate 1 of the minerals (the nominated mineral ); and no royalty is payable on the first $100,000 of the total value of the nominated mineral that is sold, disposed of or used in the financial year. (sec.26-ssec.3) However, if less than $100,000 of value of the nominated mineral is sold, disposed of or used in the financial year, the person may repeat the process under subsection (2) until the combined value of the relevant minerals nominated by the person and sold, disposed of or used in the financial year reaches $100,000. (sec.26-ssec.4) The nomination must be stated in the royalty return for the mineral lodged for the relevant return period. (sec.26-ssec.5) In this section— relevant mineral means any of the following— corundum; a gemstone; manganese; molybdenum; a precious stone; a prescribed mineral (royalty); a rare earth; tantalum; tungsten; uranium; a mineral mentioned in schedule 1 , part 2 , section 14 . relevant return period means the return period in which the threshold exemption is claimed for a relevant mineral for this section.

• (a) the person by whom the royalty is payable under the Act for the minerals must nominate 1 of the minerals (the nominated mineral ); and