Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
115‑10 Liability for instalments115‑10 Liability for instalments
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115‑10 Liability for instalments
(1) You are liable to pay an instalment under this Division in relation to an *instalment quarter in an *MRRT year, if: (a) you have a *mining project interest or *hold a *pre‑mining project interest; and (b) either: (i) you have *mining revenue or *pre‑mining revenue relating to the instalment quarter; or (ii) your *applicable instalment rate for the instalment quarter is greater than nil.
Note 1: For provisions about collection and recovery of amounts you are liable to pay under this Division, see Part 4‑15.
Note 2: For applicable instalment rate, see section 115‑45.
Meaning of instalment quarter (2) For an *MRRT year (whether it ends on 30 June or not), the following are the instalment quarters: (a) your first instalment quarter consists of the first 3 months of the MRRT year; (b) your second instalment quarter consists of the fourth, fifth and sixth months of the MRRT year; (c) your third instalment quarter consists of the seventh, eighth and ninth months of the MRRT year; (d) your fourth instalment quarter consists of the tenth, 11th and 12th months of the MRRT year.
Note: There is a special rule for MRRT years that are not 12 months: see Subdivision 115‑H.