Division 123Record keeping

Schedule 1—Amendment of the Taxation Administration Act 1953 not related to assessments

1 Subsection 8AAB(4) (after table item 19)

Insert:

2 Subsection 8AAB(4) (after table item 45)

Insert:

3 At the end of section 11‑1 in Schedule 1

Add:

; and (g) \*MRRT.

4 Paragraphs 12‑330(1)(b) and 12‑335(2)(a) in Schedule 1

After “tax”, insert “or *MRRT”.

5 Subdivision 18‑A in Schedule 1 (heading)

Repeal the heading, substitute:

Subdivision 18‑A—Crediting withheld amounts

6 At the end of section 18‑10 in Schedule 1

Add:

(3) If an entity withholds an amount from a *withholding payment as required by section 12‑325 (natural resource payments), apply sections 18‑15, 18‑20 and 18‑25 to the payment as if the entity had withheld only so much of that amount as was withheld in respect of tax.

Note: Section 18‑49 provides a credit for amounts withheld in respect of MRRT.

7 Group heading before section 18‑65 in Schedule 1

Repeal the heading, substitute:

Entitlement to credit: Minerals resource rent tax

18‑49 Credit—Natural resource payments

(1) An entity is entitled to a credit in an *MRRT year if: (a) one or more *withholding payments covered by section 12‑325 (natural resource payments) from which there are *amounts withheld in respect of *MRRT are made to the entity during the MRRT year; and (b) an assessment has been made of the MRRT payable, or an assessment has been made that no MRRT is payable, by the entity for the MRRT year. (2) The amount of the credit is so much of the total of the *amounts withheld as is withheld in respect of *MRRT.

8 After Part 3‑10 in Schedule 1

Insert:

Part 3‑15—Minerals Resource Rent Tax