55Rate of royalty

55 Rate of royalty (1) The percentage of net value specified in amended section 10(1) applies in relation to: (a) a royalty year that commences on or after 1 July 2010; and (b) a period that commences on or after 1 July 2010 in a transitional royalty year. (2) The percentage of net value specified in section 10(1), as in force immediately before the commencement day, applies in relation to: (a) a royalty year that ends before 1 July 2010; and (b) a period that ends before 1 July 2010 in a transitional royalty year. Example of application of subsections (1)(b) and (2)(b) If a transitional royalty year commences on 1 January 2010, the percentage of the net value for the period 1 January 2010 to 30 June 2010 is 18% and the percentage of the net value for the period 1 July 2010 to 31 December 2010 is 20%. (3) For calculating the net value under amended section 10(2) in relation to each transitional period in a transitional royalty year, the amount of each element of the formula must be apportioned between the transitional periods: (a) as agreed between the royalty payer and Secretary on or before 31 December 2010; or (b) in the absence of an agreement – as determined by the Secretary. (4) To avoid doubt, an apportionment under subsection (3) may apportion the whole of an amount to one of the transitional periods and none of the amount to the other transitional period. Part IX Transitional matters for Revenue Legislation Amendment Act 2013 56 Gross value of commodity sold or removed before 1 July 2013 (1) This section applies for the purpose of determining the gross realization for a production unit for a royalty year any part of which was before 1 July 2013.

Part IX Transitional matters for Revenue Legislation Amendment Act 2013 Mineral Royalty Act 1982 50 (2) The gross value of a saleable mineral commodity that was sold or removed without sale from the production unit before 1 July 2013 is to be determined in accordance with this Act as in force before 1 July 2013. 57 Operating costs – royalty year ending before 1 July 2013 (1) This section applies for the purpose of determining the operating costs for a production unit for a royalty year that ended before 1 July 2013. (2) The operating costs are to be determined in accordance with this Act as in force before 1 July 2013. 58 Operating costs – royalty year that includes 1 July 2013 (1) This section applies for the purpose of determining the operating costs for a production unit for a royalty year that started before 1 July 2013 and ends on or after 1 July 2013. (2) The operating costs for the royalty year are: (a) the operating costs of the production unit for the part of the royalty year ending immediately before 1 July 2013 (the pre-July period) determined in accordance with this Act as in force immediately before 1 July 2013; and (b) the operating costs of the production unit for the part of the royalty year beginning on 1 July 2013 (the post-June period) determined in accordance with this Act as amended by the Revenue Legislation Amendment Act 2013. (3) If an expenditure relates in part to the pre-July period and in part to the post-June period, the amount of the expenditure must be apportioned between the periods: (a) as agreed between the royalty payer and the Secretary on or before 31 December 2013; or (b) in the absence of an agreement – as determined by the Secretary. (4) To avoid doubt, an apportionment under subsection (3) may apportion the whole of an amount to one period and none of the amount to the other period.