CTHRepealedAct
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.