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This is a Bill, not an Act. For current law, see the Acts databases.
MINERALS RESOURCE RENT TAX AMENDMENT (PROTECTING REVENUE) BILL 2013
2010-2011-2012-2013
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Minerals Resource Rent Tax
Amendment (Protecting Revenue) Bill
2013
No. , 2013
(Adam Bandt)
A Bill for an Act to amend the Minerals Resource
Rent Tax Act 2012, and for related purposes
i Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 No. , 2013
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 1
Schedule 1--Amendments
3
Minerals Resource Rent Tax Act 2012
3
Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 No. , 2013 1
A Bill for an Act to amend the Minerals Resource
1
Rent Tax Act 2012, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Minerals Resource Rent Tax
5
Amendment (Protecting Revenue) Act 2013.
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2 Commencement
7
This Act commences on the day this Act receives the Royal
8
Assent.
9
3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
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Schedule 1 Amendments
2 Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 No. ,
2013
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
3
Amendments Schedule 1
Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 No. , 2013
3
Schedule 1
--
Amendments
1
2
Minerals Resource Rent Tax Act 2012
3
1 Section 2-1
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Omit "Commonwealth, State and Territory mining royalty amounts",
5
substitute "mining royalty amounts under Commonwealth, State and
6
Territory laws as in force on 1 July 2011".
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2 At the end of section 60-25
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Add:
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(3) If a
*
Commonwealth law, a
*
State law or a
*
Territory law under
10
which expenditure constituting a
*
mining royalty is made is
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modified on or after 1 July 2011, disregard the modification for the
12
purposes of working out the amount of a
*
royalty credit under this
13
section to the extent that the modification results in the amount of
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the mining royalty being greater than would have been the case had
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the modification not been made.
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(4) Subsection (3) applies whether the law is modified by the insertion,
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omission, repeal, substitution or relocation of words or matter, or
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by any other means.
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3 Application
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The amendment made by item 2 of this Schedule applies to royalty
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credit for the MRRT year that started on 1 July 2012 and to royalty
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credit for later MRRT years.
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