Minerals Resource Rent Tax Act 2012
45‑5 Low profit offset—profits not great45‑5 Low profit offset—profits not greater than $75 million
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45‑5 Low profit offset—profits not greater than $75 million
(1) A miner has an offset for an *MRRT year if the sum of the *mining profits (the miner’s group mining profit) for the year of each mining project interest of the following *entities is less than or equal to $75 million: (a) the miner; (b) an entity *connected with the miner; (c) an *affiliate of the miner; (d) an entity of which the miner is an affiliate; (e) an affiliate of an entity covered by paragraph (b); (f) an entity connected with an entity covered by paragraph (b), (c) or (d).
Note 1: An offset under this section reduces the amount of MRRT that a miner must pay for an MRRT year: see section 10‑15.
Note 2: If the MRRT year is not a 12‑month period, the miner’s group mining profit is affected by section 190‑20 (substituted accounting periods).
(2) The amount of the miner’s offset for the *MRRT year is the sum of the miner’s *MRRT liabilities for each of the miner’s mining project interests for the year.