Taxation Administration Act 1953 ‑
Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) Instalment Liability Notices ‑ Explorers Instrument (No. 1) 2012
I, Stephanie Martin, Deputy Commissioner of Taxation, make this instrument under the following provisions:
§ subsection 115-15(3) of Schedule 1 to the Taxation Administration Act 1953 (TAA) and
§ subsection 115-45(3) of Schedule 1 to the TAA.
Deputy Commissioner of Taxation
Dated: 17 July 2012
1. Name of Instrument
This instrument is the Taxation Administration Act 1953 ‑ Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) Instalment Liability Notices – Explorers Instrument (No. 1) 2012.
This instrument is taken to have commenced on the day after registration.
This instrument applies:
(a) to determine that a nil instalment rate applies to an entity that is an explorer; and
(b) to exempt such an entity from lodging an MRRT instalment liability notice
as the Commissioner is of the opinion that these entities are unlikely to be liable to pay MRRT for the 2013 MRRT year.
This instrument applies for the first instalment quarter in the 2013 MRRT year in which the entity was an explorer and for later instalment quarters in that MRRT year.
The nil rate determination ceases to apply if the Commissioner gives the entity an instalment rate for MRRT under Subdivision 115-E of Schedule 1 to the TAA.
4. Who is covered by this instrument
This instrument applies to an entity that is an explorer.
For the purposes of this legislative instrument:
Explorer means an entity that:
(a) holds one or more pre‑mining project interests and does not hold any mining project interests in an instalment quarter in an MRRT year; and
(b) does not reasonably expect that it will have any mining project interest during the remainder of that MRRT year.
Lodging an MRRT instalment liability notice means notifying the Commissioner in the approved form of the instalment income for the instalment quarter.
Other terms used in this legislative instrument have the same meaning as defined in the:
· Minerals Resource Rent Tax Act 2012;
· Income Tax Assessment Act 1997; or
· Taxation Administration Act 1953.