Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Minerals Resource Rent Tax Act 2012, and for related purposes
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 20 Sep 2012
Introduced Senate 12 Sep 2012
Table of contents.

 

2010‑2011‑2012

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012

 

No.      , 2012

 

(Senator Milne)

 

 

 

A Bill for an Act to amend the Minerals Resource Rent Tax Act 2012, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendments                                                                                                3

Minerals Resource Rent Tax Act 2012                                                                    3

 


A Bill for an Act to amend the Minerals Resource Rent Tax Act 2012, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Minerals Resource Rent Tax Amendment (Protecting Revenue) Act 2012.

2  Commencement

                   This Act commences on the day this Act receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


 

Schedule 1Amendments

  

Minerals Resource Rent Tax Act 2012

1  Section 2‑1

Omit “Commonwealth, State and Territory mining royalty amounts”, substitute “mining royalty amounts under Commonwealth, State and Territory laws as in force on 1 July 2011”.

2  At the end of section 60‑25

Add:

             (3)  If a *Commonwealth law, a *State law or a *Territory law under which expenditure constituting a *mining royalty is made is modified on or after 1 July 2011, disregard the modification for the purposes of working out the amount of a *royalty credit under this section to the extent that the modification results in the amount of the mining royalty being greater than would have been the case had the modification not been made.

             (4)  Subsection (3) applies whether the law is modified by the insertion, omission, repeal, substitution or relocation of words or matter, or by any other means.

3  Application

The amendment made by item 2 of this Schedule applies to royalty credit for the MRRT year that started on 1 July 2012 and to royalty credit for later MRRT years.