280‑101 Liability to shortfall interest 280‑101 Liability to shortfall interest charge—minerals resource rent tax

280‑101 Liability to shortfall interest charge—minerals resource rent tax

(1) You are liable to pay *shortfall interest charge on an additional amount of *MRRT that you are liable to pay because the Commissioner amends your assessment for an *MRRT year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which *MRRT under your first assessment for that *MRRT year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which *MRRT under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any.

Note: See Division 50 of the Minerals Resource Rent Tax Act 2012 for when the amount of assessed MRRT and shortfall interest charge becomes due and payable. That Division also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.

14 Paragraph 280‑105(1)(a) in Schedule 1

After “income tax,”, insert “*MRRT,”.

15 Subsection 280‑110(1) in Schedule 1

After “280‑100,”, insert “280‑101,”.

16 Section 280‑170 in Schedule 1

After “income tax,”, insert “*MRRT,”.

17 At the end of section 284‑30 in Schedule 1

Add:

Note: A beneficiary of a trust cannot have a *shortfall amount or *scheme shortfall amount in relation to the MRRT law.

18 At the end of section 284‑35 in Schedule 1

Add:

Note: For the purposes of the MRRT law, under section 220‑5 of the Minerals Resource Rent Tax Act 2012 acts and omissions of partners in a partnership are taken to be acts or omissions of the partnership. Section 444‑30 in this Schedule deals with the liability of partners for the obligations imposed on a partnership under the MRRT law.

19 Paragraph 284‑75(2)(a) in Schedule 1

After “*income tax law”, insert “or the *MRRT law”.

20 Paragraph 284‑75(2)(b) in Schedule 1

Omit “*income tax law”, substitute “income tax law, or the MRRT law,”.

21 Subsection 284‑80(1) in Schedule 1 (table items 3 and 4) and subsection 284‑90(1) in Schedule 1 (table item 4)

After “*income tax law” (wherever occurring), insert “, or the *MRRT law,”.