Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_8:p1
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 1/3)
Character Range: 9752–12562

8  After Part 3‑10 in Schedule 1
Insert:

Part 3‑15—Minerals Resource Rent Tax

Division 115—Instalments

Table of Subdivisions
 Guide to Division 115
115‑A Preliminary
115‑B Liability for instalments
115‑C Working out instalment amounts
115‑D Instalment rate chosen by you
115‑E Instalment rate given to you by Commissioner
115‑F Default instalment rate
115‑G Special rules for project interests that are transferred or split
115‑H Special rules for transitional accounting periods

Guide to Division 115

115‑1  What this Division is about

      You pay quarterly instalments of MRRT under this Division if you have mining revenue for a quarter or a positive instalment rate.
      Instalments give rise to a credit once an assessment of the MRRT is made.
      The amount of a quarterly instalment is the product of your instalment income for the quarter and your applicable instalment rate.
      The applicable instalment rate may be a rate chosen by you, a rate given to you by the Commissioner, or a statutory default rate.
      General interest charge may be payable if a rate you choose for a quarter is too low, having regard to the amount of MRRT you are liable to pay for the year.

Subdivision 115‑A—Preliminary

Table of sections
115‑5 Objects of this Division

115‑5  Objects of this Division
  The objects of this Division are:
 (a) to ensure the efficient collection of *MRRT by the payment of quarterly instalments; and
 (b) to calculate total instalments for the *MRRT year that are as close as possible to the amount of MRRT you are liable to pay for the year.

Subdivision 115‑B—Liability for instalments

Table of sections
115‑10 Liability for instalments
115‑15 Information to be given to the Commissioner
115‑20 Credit for instalments payable
115‑25 When instalments are due
115‑30 General interest charge on late payment

115‑10  Liability for instalments
 (1) You are liable to pay an instalment under this Division in relation to an *instalment quarter in an *MRRT year, if:
 (a) you have a *mining project interest or *hold a *pre‑mining project interest; and
 (b) either:
 (i) you have *mining revenue or *pre‑mining revenue relating to the instalment quarter; or
 (ii) your *applicable instalment rate for the instalment quarter is greater than nil.
Note 1: For provisions about collection and recovery of amounts you are liable to pay under this Division, see Part 4‑15.
Note 2: For applicable instalment rate, see section 115‑45.

Meaning of instalment quarter
 (2) For an *MRRT year (whether it ends on 30 June or not), the following are the instalment quarters:
 (a) your first instalment quarter consists of the first 3 months of the MRRT year;
 (b) your second instalment quarter consists of the fourth, fifth and sixth months of the MRRT year;
 (c) your third instalment