The ATO has released Legislative Determination MRRT 2013/1 (Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) instalment Liability Notices – Instrument (No 1) 2013). The ATO says the purpose of the instrument is to determine 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. It says the instrument also exempts those taxpayers from lodging MRRT instalment liability notices under s 115-15(3) of Sch 1 to the TAA. The ATO says this is the case because in the Commissioner’s opinion, these entities are unlikely to be liable to pay MRRT for the 2014 MRRT year. The instrument commenced on 20 February 2012.
[LTN 36, 22/2/13]