The ATO has advised that it is proposing to make an administrative decision to provide MRRT taxpayers and new PRRT taxpayers with more time to notify the Commissioner of a consolidation choice.
The ATO said the proposed decision responds to concerns raised by the industry and would assist with the transition to the new resource rent tax arrangements. For MRRT taxpayers, by law, a consolidation choice is generally required by 1 July 2012. The ATO proposes to extend the date to between 31 August 2012 and 22 November 2013, depending on whether the taxpayer is an MRRT miner or explorer.
[LTN 123, 28/6]