The ATO on Mon 3.3.2014, registered Taxation Administration Act 1953 – Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) Instalment Liability Notices – Instrument (No 1) 2014. The Instrument determines a nil instalment rate for explorers, pre-production taxpayers and simplified MRRT method taxpayers under s 115-45(3) of Sch 1 to the TAA and also exempts them from lodging MRRT instalment liability notices under s 115-15(3) of Sch 1 to the TAA because, in the Commissioner’s opinion, these entities are unlikely to be liable to pay MRRT for the 2015 MRRT year.
The Instrument will commence on Tue 4.3.2014. The nil rate determination and exemption from lodging an MRRT instalment liability notice applies for the first instalment quarter in which the entity is an explorer, a pre-production taxpayer or a simplified MRRT method taxpayer and for later instalment quarters in the 2015 MRRT year. The nil rate determination ceases to apply if the Commissioner gives the entity an instalment rate under Subdiv 115-E of Sch 1 to the TAA.
[LTN 41, 3/3/14]