Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
115‑105 Adjusted instalment income for o115‑105 Adjusted instalment income for original miners or explorers
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115‑105 Adjusted instalment income for original miners or explorers
(1) Despite subsection 115‑90(1), the provisions mentioned in subsection (2) have effect as if your *instalment income for an *instalment quarter that ends before a *mining project transfer, *mining project split, *pre‑mining project transfer or *pre‑mining project split happens did not include 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 the transfer or split, are not included in your *mining revenue or *pre‑mining revenue as mentioned in section 115‑40.
Note: Subsection (1) effectively recalculates instalment income disregarding paragraph 115‑90(1)(a).
(2) The provisions are: (a) subsection 115‑65(2) (about GIC on instalment shortfalls); and (b) section 115‑70 (about your benchmark instalment rate for an *MRRT year); and (c) subsection 115‑75(2) (about working out a Commissioner instalment rate).