Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012
115‑85 Default instalment rate115‑85 Default instalment rate
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115‑85 Default instalment rate
Instalment rate for instalment income relating to iron ore (1) The rate that applies to you for an *instalment quarter in which your *instalment income only includes amounts relating to iron ore is: (a) if paragraph (b) does not apply—8%; or (b) if the regulations prescribe a rate for the instalment quarter for the purposes of this subsection—that rate. Instalment rate for instalment income relating to other taxable resources (2) The rate that applies to you for an *instalment quarter in which your *instalment income only includes amounts relating to *taxable resources other than iron ore, is: (a) if paragraph (b) does not apply—3%; or (b) if the regulations prescribe a rate for the instalment quarter for the purposes of this subsection—that rate. Instalment rate for instalment income relating to iron ore and other taxable resources (3) The rate that applies to you for an *instalment quarter in which your *instalment income includes amounts relating both to iron ore and to other *taxable resources is the sum of the following, worked out to 2 decimal places (rounding up if the third decimal place is 5 or more): (a) the rate that would apply for the quarter if your instalment income only included amounts relating to iron ore, multiplied by the proportion of your total instalment income for the quarter that relates to iron ore; (b) the rate that would apply for the quarter if your instalment income only included amounts relating to taxable resources other than iron ore, multiplied by the proportion of your total instalment income for the quarter that relates to taxable resources other than iron ore.
Note: Example: In an instalment quarter, you have $200m in instalment income from mining project interests that relate to iron ore, and $100m in instalment income from mining project interests that relate to coal.
Note: Under subsection (1), the default instalment rate for iron ore is 8%, and under subsection (2) the default instalment rate for coal is 3%.
Note: The rate that applies to you for the quarter is 6.33% [(.08 x 200m/300m) + (.03 x 100m/300m)].
Regulations not to be made in first MRRT year (4) The regulations may prescribe a rate for the purposes of subsection (1) or (2) for an *instalment quarter in the 2013‑2014 *MRRT year or a later year.