Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p5
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 5/17)
Character Range: 28265–30881

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 *MRRT year for which an assessment of *MRRT has been made for you.
 (4) However, the instalment rate must be a nil rate if either component of the fraction is nil.
 (5) Despite subsections (2) to (4), the Commissioner may give you an instalment rate worked out on a different basis if, having regard to the object of this Division and the circumstances, the Commissioner is of the opinion:
 (a) that it would be reasonable to work out the rate under this subsection; and
 (b) that the rate so worked out is reasonable.
Example: The following are some examples of circumstances in which a rate may be worked out on a different basis:
(a) an entity joins or leaves a consolidated group;
(b) a mining project interest is transferred or split;
(c)  there is no base year for the mining project interest;
(d) there was a significant amount of one‑off capital expenditure in the base year;
(e) MRRT allowances applied in a later year are expected to be significantly less than MRRT allowances applied in the base year;
(f) there is a change in the economic circumstances of the mining industry.
 (6) To avoid doubt, an instalment rate the Commissioner works out under subsection (5) may be higher, or lower, than the rate worked out under subsection (2) (if a rate can be worked out under that subsection).

115‑80  Commissioner may take changes, and proposed changes, to the law into account
  For the purposes of working out your modified liability for *MRRT for a *base year, the Commissioner may work out an amount:
 (a) as if provisions of an Act or regulations, as they may reasonably be expected to apply for the purposes of your assessment for a later *MRRT year, had applied for the purposes of the base year; and
 (b) as if provisions of an Act or regulations had applied for the purposes of the base year if:
 (i) in the Commissioner's opinion, the provisions are likely to be enacted or made; and
 (ii) the application of the provisions reduces the instalment rate being given to you.
Note: Taking law changes, and proposed law changes, into account in working out the instalment rate means total instalments for the year are as close as possible to your likely MRRT for the year.

Subdivision 115‑F—Default instalment rate

Table of sections
115‑85 Default instalment rate

115‑85  Default instalment rate

Instalment rate for instalment income relating to iron ore
 (1) The rate