Tony Crook (O'Connor, National Party) Share this | Hansard source

by leave—I move:

(2) Clause 4, page 2 (line 8), before "The", insert "(1)".

(5) Clause 4, page 2 (after line 11), at the end of the clause, add:

(2) However, notwithstanding subsection (1), the MRRT rate for an MRRT year (as defined by the Minerals Resource Rent Tax Act 2011) for each taxable resource (as defined by the Minerals Resource Rent Tax Act 2011) shall not exceed a benchmark rate, which shall for each *MRRT year be a rate that is calculated by reference to a formula or formulas, to be prescribed by regulations, to be applied to a mature miner (as defined by the Minerals Resource Rent Tax Act 2011) having the highest *MRRT liability (as defined by the Minerals Resource Rent Tax Act 2011)for each taxable resource in the *MRRT yearso that the relevant formulas determine abenchmark ratefor each taxable resource as a percentage, in the *MRRT year, that that miner's MRRT liabilityin that year bears to that miner's mining tax profit (as defined by the Minerals Resource Rent Tax Act 2011).

These amendments seek to ensure that smaller miners do not pay a higher rate of MRRT than the mature established miners. These additions to the impositions bill will ensure that the highest MRRT liability for the mature miners will act as a benchmark rate for all other miners. The benchmark rate will be determined as a percentage, in the MRRT year, that that miner's MRRT liabilityin that year bears to that miner's mining tax profit. The terms in this section refer to the definitions of the MRRT bill. This includes my proposed definition of mature miner as a miner whose group production and taxable resources for the MRRT year has exceed 40 million tonnes.

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