444‑120 Trusts444‑120 Trusts

444‑120 Trusts

Obligations (1) Subject to subsection (2), an obligation that is imposed under the *MRRT law on a trust is imposed on each of the following entities, but may be discharged by any such entity: (a) an entity that is the trustee of the trust at the time the obligation arises; (b) an entity that is the trustee of the trust at a time that is: (i) after the obligation arises; and (ii) before the obligation has been discharged. (2) An amount that is payable under the *MRRT law by a trust is payable as set out in the table:

<table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Amounts payable by trusts</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><a id="CU_264970"></a><span style="font-weight:bold">Item</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Column 1</span></p><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">If the amount that is payable by the trust under the MRRT law is:</span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Column 2</span></p><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">then it is payable by:</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8pt; vertical-align:3pt">*</span><span>MRRT for an </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>MRRT year</span></p><p class="Tablea"><span></span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>each of the following entities:</span></p><p class="Tablea"><span>(a) an entity that is the trustee of the trust at the end of the MRRT year;</span></p><p class="Tablea"><span>(b) an entity that is the trustee of the trust at a time that is:</span></p><p class="Tablei"><span>(i) after the end of the MRRT year; and</span></p><p class="Tablei"><span>(ii) before the MRRT has been paid.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8pt; vertical-align:3pt">*</span><span>general interest charge on the unpaid amount of </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>MRRT for an </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>MRRT year</span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>each of the following entities:</span></p><p class="Tablea"><span>(a) an entity that is the trustee of the trust at the end of the MRRT year;</span></p><p class="Tablea"><span>(b) an entity that is the trustee of the trust at a time that is:</span></p><p class="Tablei"><span>(i) after the end of the MRRT year; and</span></p><p class="Tablei"><span>(ii) before the general interest charge has been paid.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8pt; vertical-align:3pt">*</span><span>shortfall interest charge in relation to an </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>MRRT year</span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>each of the following entities:</span></p><p class="Tablea"><span>(a) an entity that is the trustee of the trust at the end of the MRRT year;</span></p><p class="Tablea"><span>(b) an entity that is the trustee of the trust at a time that is:</span></p><p class="Tablei"><span>(i) after the end of the MRRT year; and</span></p><p class="Tablei"><span>(ii) before the shortfall interest charge has been paid.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><a id="CU_666036"></a><span>4</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>an instalment for an </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>instalment quarter payable under Division</span><span> </span><span>115</span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>each of the following entities:</span></p><p class="Tablea"><span>(a) an entity that is the trustee of the trust at the end of the instalment quarter;</span></p><p class="Tablea"><span>(b) an entity that is the trustee of the trust at a time that is:</span></p><p class="Tablei"><span>(i) after the end of the instalment quarter; and</span></p><p class="Tablei"><span>(ii) before the instalment has been paid.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:116.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8pt; vertical-align:3pt">*</span><span>general interest charge on the unpaid amount of an instalment referred to in table item</span><span> </span><span>4</span></p></td><td style="width:180.7pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>each of the following entities:</span></p><p class="Tablea"><span>(a) an entity that is the trustee of the trust at the end of the instalment quarter;</span></p><p class="Tablea"><span>(b) an entity that is the trustee of the trust at a time that is:</span></p><p class="Tablei"><span>(i) after the end of the instalment quarter; and</span></p><p class="Tablei"><span>(ii) before the general interest charge has been paid.</span></p></td></tr></tbody></table>

Joint and several liability (3) If an amount is payable under this section by more than one entity, those entities are jointly and severally liable to pay the amount. Commissioner has direct access to trust assets (4) For the purpose of ensuring the payment of an amount payable by an entity under this section in relation to a liability of a trust, the Commissioner has the same remedies against the property of the trust as the Commissioner would have against the property of the entity. Right of indemnity (5) An entity that pays an amount of a liability it has under this section is entitled to be indemnified out of the assets of the trust for the liability. Offences (6) Any offence against the *MRRT law that is committed by a trust is taken to have been committed by the trustee of the trust, or, if the trust has more than one trustee, by each of the trustees. (7) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (6), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity).

Note 1: The defence in subsection (7) does not apply in relation to offences under Part 2.4 of the Criminal Code.

Note 2: A defendant bears a legal burden in relation to the matters in subsection (7): see section 13.4 of the Criminal Code.

Schedule 2—Amendments related to assessments

Part 1—Amendments

Taxation Administration Act 1953

1 After subsection 14ZW(1A)

Insert:

(1AB) The person cannot lodge a taxation objection against a private tax ruling that relates to an MRRT year and to a mining project interest or pre‑mining project interest after the end of whichever of the following ends last: (a) 60 days after the ruling was made; (b) 4 years after the last day allowed to the person for lodging an MRRT return in relation to the MRRT year and the interest. (1AC) Expressions used in subsection (1AB) have the same meaning as in the Income Tax Assessment Act 1997.

2 At the end of subsection 155‑5(2) in Schedule 1

Add:

; (e) an amount of \*MRRT payable for an \*MRRT year in relation to a \*taxable mining profit for the MRRT year.

3 Subsection 155‑15(1) in Schedule 1 (after table item 3)

Insert:

4 At the end of section 155‑30 in Schedule 1

Add:

(3) This section does not apply if the *assessable amount is the *MRRT payable by you for an *MRRT year in relation to your *taxable mining profit for the MRRT year.

5 Section 155‑55 in Schedule 1

Repeal the section, substitute: