Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p4
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/17)
Character Range: 25949–28494

for that MRRT year.
 (3) You are liable to pay the charge for each day in the period that:
 (a) started at the beginning of the day by which the instalment for the variation quarter was due to be paid; and
 (b) finishes at the end of the day on which your *assessed MRRT for the *MRRT year is due to be paid.
 (4) The Commissioner must give you written notice of the *general interest charge to which you are liable under subsection (2). You must pay the charge within 14 days after the notice is given to you.
 (5) If any of the *general interest charge to which you are liable under subsection (2) remains unpaid at the end of the 14 days referred to in subsection (4), you are also liable to pay the general interest charge on the unpaid amount for each day in the period that:
 (a) starts at the end of those 14 days; and
 (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
 (i) the unpaid amount;
 (ii) general interest charge on the unpaid amount.

115‑70  Working out your benchmark instalment rate
  Your benchmark instalment rate for an *MRRT year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:

However, your benchmark instalment rate for the MRRT year is a nil rate if either component of the fraction is nil.

Subdivision 115‑E—Instalment rate given to you by Commissioner

Table of sections
115‑75 Commissioner instalment rate for MRRT
115‑80 Commissioner may take changes, and proposed changes, to the law into account

115‑75  Commissioner instalment rate for MRRT
 (1) The Commissioner may give you an instalment rate from time to time, by giving you written notice of:
 (a) the instalment rate; and
 (b) the modified MRRT liability, as worked out under subsection (2), for the purposes of working out the instalment rate.
Note: For whether the rate the Commissioner gives you is your applicable instalment rate for an instalment quarter, see section 115‑45.
 (2) An instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:

where:
modified liability for MRRT is the amount of *MRRT you are liable to pay for the *base year, subject to section 115‑80.
Note: The instalment rate worked out under this subsection could exceed the MRRT rate. One reason for this is that not all amounts of mining revenue are included in instalment income.
 (3) The base year is the most recent