Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
115‑110 Instalment quarters in transitio115‑110 Instalment quarters in transitional accounting periods
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115‑110 Instalment quarters in transitional accounting periods
(1) An *MRRT year that is a period longer than 12 months has the following instalment quarters in addition to the instalment quarters mentioned in subsection 115‑10(2): (a) your fifth instalment quarter consists of the 13th, 14th and 15th months of the MRRT year; (b) your sixth instalment quarter consists of the 16th, 17th and 18th months of the MRRT year; (c) your seventh instalment quarter consists of the 19th, 20th and 21st months of the MRRT year; (d) your eighth instalment quarter consists of the 22nd, 23rd and 24th months of the MRRT year. (2) Despite subsection (1) and subsection 115‑10(2): (a) you do not have any instalment quarters that begin after the end of an *MRRT year; and (b) an instalment quarter that would otherwise end after the end of an MRRT year consists instead of the period from the start of the instalment quarter to the end of the MRRT year.
Note: You will only have an MRRT year that is not a 12 month period if you are moving from one accounting period to another: see Division 190 of the Minerals Resource Rent Tax Act 2012.