Minerals Resource Rent Tax Act 2012
10‑5 The MRRT liability for a mining pro10‑5 The MRRT liability for a mining project interest
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10‑5 The MRRT liability for a mining project interest
Work out the miner’s MRRT liability for a mining project interest for an *MRRT year as follows: Image unavailable in extracted text
Method statement
Step 1. Work out the miner’s *mining profit for the mining project interest for the *MRRT year.
Note: For the mining profit, see Part 2‑3.
Step 2. Work out the miner’s *MRRT allowances for the mining project interest for the *MRRT year.
Note: For MRRT allowances, see section 10‑10.
Step 3. Subtract the *MRRT allowances from the *mining profit.
Step 4. Multiply the result by the *MRRT rate. This is the miner’s MRRT liability for the mining project interest for the *MRRT year.
Note 1: For the MRRT rate, see section 300‑1.
Note 2: If the result from step 3 is zero, the miner’s MRRT liability will also be zero.