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

by leave—I move amendments (1), (3) and (4) as circulated in my name:

(1) Clause 4, page 2 (line 9), omit "Extraction factor", substitute "(extraction factor + emerging miner factor)".

(3) Clause 4, page 2 (after line 10), before the definition of extraction factor, insert:

emerging miner factor is:

  (a)   where the group production of taxable resources for the miner for a year is less than 10 million tonnes—75%; or

  (b)   otherwise—nil.

(4) Clause 4, page 2 (after line 11), after the definition of extraction factor, insert:

group production of taxable resources has the meaning given by section 175-15 of the Minerals Resource Rent Tax Act 2011.

The intent of these amendments is the same as for the amendments to the Minerals Resource Rent Tax (Imposition—General) Bill 2011, and I refer members to my comments on that bill.

Question negatived.

by leave—I move amendments (2) and (5) as circulated in my name:

(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).

As with previous amendments, these amendments have the same intent as the amendments in the previous bill and I refer members to my comments on that bill. As it is now well and truly 23 November, I would like to take the opportunity to wish my wife a very happy birthday.

See this speech in context