Mineral Royalties Act 2024

• Jurisdiction: Northern Territory
• Year: 2024
• Type of Document: Acts

NORTHERN TERRITORY OF AUSTRALIA

MINER AL ROYAL TIES ACT 2024

As in force at 2 July 2024

Table of provisions

Part 1 Preliminary matters

1 Short title ......................................................................................... 1

2 Commencement .............................................................................. 1

3 Definitions ........................................................................................ 1

4 Meaning of arm's length terms ........................................................ 3

5 Meaning of Australian Dollar Equivalent and exchange rate ........... 3

6 Meaning of genuine sale ................................................................. 4

7 Meaning of mineral .......................................................................... 4

8 Royalty determination date .............................................................. 4

9 Categories of mineral ...................................................................... 5

10 Application of Act ............................................................................. 5

11 Application of Taxation Administration Act 2007 .............................. 7

Part 2 Mineral royalties

12 Liability for royalty ............................................................................ 7

13 Royalty rate ..................................................................................... 8

14 Calculation of royalty amount .......................................................... 8

15 Calculation of value ......................................................................... 8

16 Deduction for shipping costs for transport in Territory ................... 10

17 Royalty instalments ....................................................................... 11

18 Amount of quarterly instalments .................................................... 11

19 Annual adjustment of royalty paid .................................................. 11

Part 3 Miscellaneous matters

20 Registration by holder of mining tenements .................................. 12

21 Notification of events ..................................................................... 12

22 Lodgement of returns .................................................................... 12

23 Powers of Commissioner of Territory Revenue ............................. 13

24 Regulations .................................................................................... 14

Schedule 1 Royalty rates

Schedule 2 Royalty rates for categories of minerals

ENDNOTES