Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2012 MEASURES NO. 1) ACT 2012 - SCHEDULE 5

Income Tax Assessment Act 1997

1   Section   960 - 260

Omit "in this Act".

2   Section   960 - 265 (at the end of the table)

Add:

3   Subsection   995 - 1(1) ( paragraph   ( b) of the definition of index number )

Omit "for an amount mentioned in a provision listed at another item in section   960 - 265", substitute "for any other amount".

Minerals Resource Rent Tax Act 2012

4   Subsection   15 - 5(1) (note 2)

After "not", insert "necessarily".

5   Subsection   15 - 5(4) (note 2)

After "not", insert "necessarily".

6   Section   30 - 5 (note)

Repeal the note, substitute:

Note:   Most of the amounts are covered by this Division. However, the following amounts may also be included in a miner's mining revenue:

(a)   amounts that are in effect recoupment of the value of starting base assets (see section   90 - 65);

(b)   certain pre - mining profits (see section   140 - 20);

(c)   amounts arising as a result of adjustments to take account of changes in circumstances (see Division   160);

(d)   amounts arising as a result of balancing adjustment events for starting base assets (see Division   165).

7   Paragraph 30 - 15(1)(c)

Repeal the paragraph, substitute:

  (c)   makes an initial supply of or uses, or exports from Australia, something produced using the taxable resource, but not after:

  (i)   paragraph   ( a) or (b) has already applied in relation to the taxable resource; or

  (ii)   this paragraph has already applied in relation to the thing produced using the taxable resource.

8   Subsection   30 - 15(1) (note)

Repeal the note, substitute:

Note:   There is at least one mining revenue event in relation to each quantity of taxable resource. However, there could only be more than one mining revenue event in relation to a quantity of taxable resource if more than one thing is produced from it.

Example:   There are 2 mining revenue events in relation to a quantity of coal if it is extracted then consumed producing both electricity and fly - ash.

9   Paragraph 30 - 25(5)(a)

Omit "what it is assumed by subsection   ( 4) to do", substitute "the things it is assumed by subsection   ( 4) to do, and the circumstances in which it is assumed by that subsection to do them".

10   Subparagraph 30 - 25(5)(a)(ii)

Repeal the subparagraph, substitute:

  (ii)   any depreciation of assets;

11   Subsection   30 - 25(5)

Omit " * taxable resource in relation to which the * mining revenue event happens", substitute " * mining revenue event".

12   Paragraph 30 - 55(b)

Repeal the paragraph, substitute:

  (b)   the amount is received, or becomes receivable, for a * supply, or a proposed supply, of:

  (i)   * taxable resources extracted, or proposed to be extracted, from the * project area for the mining project interest; or

  (ii)   things produced, or proposed to be produced, using such taxable resources; and

13   Paragraph 35 - 40(2)(b)

Omit "relating to the mining project interest", substitute "to which a mining project interest relates".

14   Paragraph 115 - 10(1)(e)

After " * starting base asset", insert "that has a * base value greater than zero".

15   Section   135 - 15

Repeal the section, substitute:

135 - 15   The effect of renewing or changing mining ventures

  (1)   A change in, or a renewal of, a * mining venture to which a mining project interest relates does not cause the * termination day for the mining project interest to happen.

  (2)   However, if the change in, or the renewal of, the * mining venture would otherwise result in the mining project interest covering an additional area:

  (a)   the * project area for the mining project interest does not include that additional area; and

  (b)   to avoid doubt, the additional area is the project area for another mining project interest.

Note:   The other mining project interest may be combined with the original mining project interest under Division   115.

16   Subsection   200 - 10(1)

Omit "$50 million", substitute "$75 million".

Taxation Administration Act 1953

17   Subsection   350 - 10(1) in Schedule   1 (table item   2)

Repeal the item, substitute:

18   Subsection   350 - 10(1) in Schedule   1 (table item   2)

Repeal the item, substitute:

19   Subsection   355 - 65(8) in Schedule   1 ( paragraph   ( a) of the cell at table item   4, column headed "and the record or disclosure ...")

Omit "section   140V", substitute "section   140ZH".

Note:   This item fixes an incorrect cross - reference.