Minerals Resource Rent Tax Repeal and Other Measures Act 2014
155‑55 Amendment to give effect to certa155‑55 Amendment to give effect to certain anti‑avoidance declarations
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155‑55 Amendment to give effect to certain anti‑avoidance declarations
70 Paragraph 155‑55(b) in Schedule 1
Omit “declarations); or”, substitute “declarations).”.
71 Paragraph 155‑55(c) in Schedule 1
Repeal the paragraph.
72 Section 155‑55 in Schedule 1
Omit “or determination”.
73 Section 155‑57 in Schedule 1
Repeal the section.
74 Subsection 155‑90(1) in Schedule 1
Omit “(1)”.
75 Subsection 155‑90(2) in Schedule 1
Repeal the subsection.
76 Subsection 250‑10(2) in Schedule 1 (table items 39C, 39D and 136)
Repeal the items.
77 Section 280‑1 in Schedule 1
Omit “minerals resource rent tax,”.
78 Section 280‑50 in Schedule 1
Omit “*MRRT,”.
79 Section 280‑101 in Schedule 1
Repeal the section.
80 Paragraph 280‑105(1)(a) in Schedule 1
Omit “*MRRT,”.
81 Subsection 280‑110(1) in Schedule 1
Omit “280‑101,”.
82 Section 280‑170 in Schedule 1
Omit “*MRRT,”.
83 Section 284‑30 in Schedule 1 (note)
Repeal the note.
84 Section 284‑35 in Schedule 1 (note)
Repeal the note.
85 Paragraph 284‑75(2)(a) in Schedule 1
Omit “*MRRT law or”.
86 Paragraph 284‑75(2)(b) in Schedule 1
Omit “MRRT law or”.
87 Subsection 284‑80(1) in Schedule 1 (table items 3 and 4)
Omit “, the *MRRT law”.
88 Subsection 284‑80(1) in Schedule 1 (table item 4)
Omit “, the MRRT law”.
89 Subsection 284‑90(1) in Schedule 1 (cell at table item 4, column headed “In this situation:”)
Repeal the cell, substitute:
| You have a *shortfall amount, all or part of which resulted from you or your agent treating an *income tax law or the *petroleum resource rent tax law as applying to a matter or identical matters in a particular way that was not *reasonably arguable, and that amount is more than your *reasonably arguable threshold. |
|---|
90 Paragraph 284‑90(3)(a) in Schedule 1
Repeal the paragraph, substitute:
(a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies:
(i) the income tax payable by the entity for the income year, worked out on the basis of the entity’s \*income tax return;
(ii) the \*petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) most closely corresponding to the income year, worked out on the basis of the entity’s return under Division 1 of Part VI of that Act; or