Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
34 Subsection 995‑1(1) (paragraph (d) of the definition of hold)
Repeal the paragraph.
35 Subsection 995‑1(1) (note at the end of the definition of hold)
Repeal the note.
36 Subsection 995‑1(1) (definition of instalment income)
Repeal the definition, substitute:
instalment income has the meaning given by sections 45‑120, 45‑260, 45‑280, 45‑285, 45‑286 and 45‑465 in Schedule 1 to the Taxation Administration Act 1953.
37 Subsection 995‑1(1) (definition of instalment quarter)
Repeal the definition, substitute:
instalment quarter has the meaning given by section 45‑60 in Schedule 1 to the Taxation Administration Act 1953.
38 Subsection 995‑1(1)
Repeal the following definitions:
(a) definition of miner;
(b) definition of mining expenditure;
(c) definition of mining loss;
(d) definition of mining profit;
(e) definition of mining project interest;
(f) definition of mining project split;
(g) definition of mining project transfer;
(h) definition of mining revenue;
(i) definition of mining revenue event;
(j) definition of MRRT;
(k) definition of MRRT allowance;
(l) definition of MRRT law;
(m) definition of MRRT liability;
(n) definition of MRRT payable;
(o) definition of MRRT return;
(p) definition of MRRT year.
39 Subsection 995‑1(1)
Insert:
petroleum resource rent tax amount means any debt or credit that arises directly under the *petroleum resource rent tax provisions.
40 Subsection 995‑1(1)
Insert:
petroleum resource rent tax provisions means the *petroleum resource rent tax law, other than *BAS provisions.
41 Subsection 995‑1(1)
Repeal the following definitions:
(a) definition of pre‑mining expenditure;
(b) definition of pre‑mining project interest;
(c) definition of pre‑mining revenue;
(d) definition of rehabilitation tax offset;
(e) definition of resource rent tax amount;
(f) definition of resource rent tax provisions;
(g) definition of split percentage;
(h) definition of starting base asset;
(i) definition of starting base return.
42 Subsection 995‑1(1) (definition of start time)
Repeal the definition, substitute:
start time of a *depreciating asset has the meaning given by section 40‑60.
43 Subsection 995‑1(1) (definition of taxable mining profit)
Repeal the definition.
44 Subsection 995‑1(1) (definition of taxable resource)
Repeal the definition.
45 Subsection 995‑1(1) (definition of termination value)
Repeal the definition, substitute:
termination value has the meaning given by section 40‑300.
47 Section 2 (note at the end of paragraph (b) of the definition of exploration permit)
Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
48 Section 2 (definition of petroleum)
Omit “However, petroleum does not include a taxable resource within the meaning of the Minerals Resource Rent Tax Act 2012.”.
49 Section 2 (note at the end of paragraph (c) of the definition of production licence)
Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because it is limited to the incidental recovery of coal seam gas (see section 2AB).
50 Section 2 (note at the end of paragraph (b) of the definition of retention lease)
Repeal the note, substitute:
Note: An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).