Minerals Resource Rent Tax Act 2012
15‑15 Meaning of production right15‑15 Meaning of production right
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15‑15 Meaning of production right
(1) A production right is: (a) an authority or right (however described) under an *Australian law to extract a *taxable resource from a particular area in *Australia; or (b) if an authority or right (however described) under an Australian law is not required to extract a taxable resource from a particular area—an interest in an area in *Australia that allows a person to extract a taxable resource from the area.
Note: Examples: The following are some examples of production rights:
(a) a mining lease;
(b) a mining lease subject to environmental approval;
(c) a mining licence.
(2) However, an *exploration right is not a production right.
Note: An exploration right may give rise to a pre‑mining project interest: see section 70‑25.