115‑100 Credit for original miner or ori115‑100 Credit for original miner or original explorer for instalment quarters before transfer or split

115‑100 Credit for original miner or original explorer for instalment quarters before transfer or split

(1) You are entitled to claim a credit if: (a) a *mining project transfer, *mining project split, *pre‑mining project transfer or *pre‑mining project split happens in relation to a *mining project interest or *pre‑mining project interest in an *instalment quarter in an *MRRT year; and (b) your *instalment income for an earlier instalment quarter in the MRRT year for which you are liable to pay an instalment includes one or more amounts relating to the mining project interest; and (c) the amount worked out using the method statement is greater than nil.

Method statement

Step 1. Add up the instalments you are liable to pay for the earlier *instalment quarters in the year (even if you have not yet paid all of them).

Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 115‑60 in respect of the year.

Step 3. For each earlier *instalment quarter in the year, work out your *instalment income under section 115‑40 without including amounts that:

(a) relate to *mining revenue events that happen during the instalment quarter; and

(b) because of the application of Division 120, 125, 145 or 150 of the Minerals Resource Rent Tax Act 2012 in relation to a transfer or split, are not included in your *mining revenue or *pre‑mining revenue as mentioned in section 115‑40.

Note: Step 3 effectively recalculates instalment income disregarding paragraph 115‑90(1)(a).

Step 4. Multiply the step 3 amount by your *applicable instalment rate for that quarter.

Step 5. Sum the amounts worked out under step 4.

Step 6. Subtract the step 5 amount from the step 2 amount.

Step 7. If the result is a positive amount, it is the amount of the credit you can claim.

Claim to be made in approved form (2) A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.