Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:3_32
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 3 cl 32
Character Range: 103704–104853

32  After section 40‑750
Insert:

40‑751  Deduction for payments of minerals resource rent tax
 (1) You can deduct a payment of *MRRT, or an instalment of MRRT payable under Division 115 in Schedule 1 to the Taxation Administration Act 1953, that you make in an income year.
Note: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20‑A. Similarly, a refund of excess rehabilitation tax offsets you get under section 225‑25 of the Minerals Resource Rent Tax Act 2012 is assessable income: see section 15‑85.
 (2) If you deduct an instalment of *MRRT under subsection (1), you cannot also deduct any of the following amounts when applied under Division 3 of Part IIB of the Taxation Administration Act 1953:
 (a) the amount of the payment of the instalment;
 (b) the amount of a credit arising under section 115‑20 in Schedule 1 to the Taxation Administration Act 1953 in respect of the instalment.
 (3) If you deduct a payment of *MRRT under subsection (1), you cannot also deduct the corresponding amount applied under Division 3 of Part IIB of the Taxation Administration Act 1953.