Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p9
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 9/17)
Character Range: 38245–41207

earlier *instalment quarters in the year (even if you have not yet paid all of them).
           Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 115‑60 in respect of the year.
           Step 3. For each earlier *instalment quarter in the year, work out your *instalment income under section 115‑40 without including amounts that:

                (a) relate to *mining revenue events that happen during the instalment quarter; and
                (b) because of the application of Division 120, 125, 145 or 150 of the Minerals Resource Rent Tax Act 2012 in relation to a transfer or split, are not included in your *mining revenue or *pre‑mining revenue as mentioned in section 115‑40.

                  Note: Step 3 effectively recalculates instalment income disregarding paragraph 115‑90(1)(a).
           Step 4. Multiply the step 3 amount by your *applicable instalment rate for that quarter.
           Step 5. Sum the amounts worked out under step 4.
           Step 6. Subtract the step 5 amount from the step 2 amount.
           Step 7. If the result is a positive amount, it is the amount of the credit you can claim.

Claim to be made in approved form
 (2) A claim for a credit must be made in the *approved form on or before the day on which the instalment for the current quarter is due.

115‑105  Adjusted instalment income for original miners or explorers
 (1) Despite subsection 115‑90(1), the provisions mentioned in subsection (2) have effect as if your *instalment income for an *instalment quarter that ends before a *mining project transfer, *mining project split, *pre‑mining project transfer or *pre‑mining project split happens did not include amounts that:
 (a) relate to *mining revenue events that happen during the instalment quarter; and
 (b) because of the application of Division 120, 125, 145 or 150 of the Minerals Resource Rent Tax Act 2012 in relation to the transfer or split, are not included in your *mining revenue or *pre‑mining revenue as mentioned in section 115‑40.
Note: Subsection (1) effectively recalculates instalment income disregarding paragraph 115‑90(1)(a).
 (2) The provisions are:
 (a) subsection 115‑65(2) (about GIC on instalment shortfalls); and
 (b) section 115‑70 (about your benchmark instalment rate for an *MRRT year); and
 (c) subsection 115‑75(2) (about working out a Commissioner instalment rate).

Subdivision 115‑H—Special rules for transitional accounting periods

Table of sections
115‑110 Instalment quarters in transitional accounting periods

115‑110  Instalment quarters in transitional accounting periods
 (1) An *MRRT year that is a period longer than 12 months has the following instalment quarters in addition to the instalment quarters mentioned in subsection 115‑10(2):
 (a) your fifth instalment quarter consists of the 13th, 14th and 15th months of the MRRT year;
 (b) your sixth instalment quarter consists of the