(2) Replace the definition of asset with—
(3) In the definition of associated mining operations, replace “section CU 29 (Other definitions)”
with “section CU 7(2) (Some definitions)”
.
(4) Replace the definition of Australian ICA company with:
“Australian ICA company is a company that must establish and maintain an imputation credit account because of an election under section OB 2 (Australian companies choosing to have imputation credit accounts)”.
(5) Replace the definition of commercial production with:
“commercial production—
“(a) for petroleum mining, means the production in commercial quantities on a continuing basis of petroleum in a state suitable for delivery to a buyer, consumer, processor, refinery, or user:
“(b) for mineral mining, means the extraction of a listed industrial mineral from a permit area and the production of the mineral in commercial quantities on a continuing basis to a stage at which it is in a saleable form and suitable location for delivery to a buyer, consumer, processor, or user”.
(6) Replace the definition of corpus with:
“corpus is defined in section HC 4 (Corpus of trust)”.
(7) In the definition of dispose,—
(8) Replace the definition of farm-out arrangement with:
“farm-out arrangement—
“(a) means an arrangement between a petroleum miner or a mineral miner (the farm-out party) and a person (the farm-in party) under which the farm-in party agrees that they will incur expenditure in doing work or paying for work done in or for the permit area of the farm-out party's petroleum permit, exploration permit, prospecting permit, or mining permit, as applicable, (the permit), after the arrangement is made and, in return, they—
“(v) become entitled to a direct or indirect interest in the profits, however measured, from petroleum or a listed industrial mineral, as applicable, from the permit area of the farm-out party's permit:
“(vii) become entitled to a direct or indirect right to reimbursement from the profits, however, measured from petroleum or a listed industrial mineral, as applicable, from the permit area of the farm-out party's permit:
“(viii) become entitled to a rental, royalty, or other consideration of whatever nature calculated by reference to petroleum or a listed industrial mineral, as applicable, from the permit area of the farm-out party's permit:
“(ix) become entitled to a rental, royalty, or other consideration of whatever nature calculated by reference to the profits, however, measured, from petroleum or a listed industrial mineral, as applicable, from the permit area of the farm-out party's permit:
(9) Insert, in the appropriate alphabetical order:
“FIF superannuation interest means, for a person and an income year (the current year), an interest held by the person, in a foreign superannuation scheme as a beneficiary or member, that—
(10) Insert, in the appropriate alphabetical order:
“foreign defined contribution scheme means a foreign superannuation scheme that operates on the principle of allocating contributions to the scheme on a defined basis to individual members”.
(11) Insert, in the appropriate alphabetical order:
“foreign superannuation withdrawal means a benefit for a person from a foreign superannuation scheme to which section CF 3 (Withdrawals from foreign superannuation scheme) applies”.
(12) In the definition of holding company, repeal paragraph (b).
(13) Replace the definition of ICA company with:
“ICA company means a company that must establish and maintain an imputation credit account,—
(14) Repeal the definition of income from mining.
(15) In the definition of initial treatment, replace “section CU 29 (Other definitions)”
with “section CU 7(3) (Some definitions)”
.
(16) Insert, in the appropriate alphabetical order:
“limited-recourse arrangement is defined in section DB 31(5B) (Bad debts) for the purposes of that section”.
(17) Insert, in the appropriate alphabetical order:
“listed industrial mineral is defined in section CU 8 (Meaning of listed industrial mineral)”.
(18) In the definition of loan, repeal paragraph (c).
(19) In the definition of major shareholder,––
(20) Insert, in the appropriate alphabetical order:
“mineral mining asset is defined in section CU 9 (Some definitions)”.
(21) Repeal the definition of mining company.
(22) In the definition of mining development expenditure, replace “section CU 23 (Meaning of mining development expenditure)”
with “section DU 11 (Meaning of mining development expenditure)”
.
(23) In the definition of mining exploration expenditure, replace “section CU 24 (Meaning of mining exploration expenditure)”
with “section DU 10 (Meaning of mining exploration expenditure)”
.
(24) Repeal the definition of mining holding company.
(25) In the definition of mining operations, replace “section CU 25 (Meaning of mining operations)”
with “section CU 7(1) (Some definitions)”
.
(26) In the definition of mining or prospecting right, replace “section CU 29 (Other definitions)”
with “section CU 9(4) (Some definitions)”
.
(27) Repeal the definition of mining outgoing excess.
(28) Replace the definition of mining permit with:
“mining permit is defined in section 2 of the Crown Minerals Act 1991”.
(29) Repeal the definition of mining permit area.
(30) Insert, in the appropriate alphabetical order:
“mining prospecting expenditure is defined in section DU 9 (Some definitions)”.
(31) In the definition of mining prospecting information, replace “section CU 29 (Other definitions)”
with “section DU 9(2) (Some definitions)”
.
(32) Repeal the definition of mining purposes.
(33) Insert, in the appropriate alphabetical order:
“mining rehabilitation expenditure is defined in section DU 12 (Meaning of mining rehabilitation expenditure)”.
(34) Repeal the definition of mining share.
(35) Repeal the definition of mining venture.
(36) In the definition of net mining loss, replace “(General treatment of mining companies' net losses) for the purposes of subpart IS (Mining companies' and petroleum miners' tax losses)”
with “(General treatment of mineral miners' net losses) for the purposes of subpart IS (Mineral miners' and petroleum miners' tax losses)”
.
(37) Repeal the definition of non-resident mining operator.
(38) In the definition of NZIAS 28, replace “by the Accounting Standards Review Board”
with “or issued under the Financial Reporting Act 1993”
.
(39) In the definition of NZIAS 31, replace “by the Accounting Standards Review Board”
with “or issued under the Financial Reporting Act 1993”
.
(40) Insert, in the appropriate alphabetical order:
“operational expenditure is defined in section DU 11(4) (Meaning of mining development expenditure) for the purposes of that section and section IS 2 (Treatment of net losses resulting from certain expenditure)”.
(41) In the definition of partnership share, replace “partner has the partnership it”
with “partner has in the partnership”
.
(42) Replace the definition of permit area with:
“permit area means an area of land, and may include more than 1 area, of, as applicable,—
(43) Repeal the definition of prescribed amount.
(44) Repeal the definition of prescribed period.
(45) Repeal the definition of prescribed proportion.
(46) Repeal the definition of reinvestment profit.
(47) Repeal the definition of resident mining operator.
(48) In the definition of residual expenditure, replace paragraph (b)(i) with:
“(i) an application fee payable to the Crown for a petroleum permit, exploration permit, mining permit, or prospecting permit; or”.
(49) In the definition of schedular income, repeal paragraph (b).
(50) In the definition of settlement, replace the words before paragraph (a) with “settlement—”
.
(51) In the definition of settlor, replace paragraph (a) with:
(52) Repeal the definition of specified mineral.
(53) In the definition of superannuation scheme, paragraph (a)(v), after “natural persons”
, insert “other than retirement benefits resembling New Zealand superannuation”
.
(54) Subsections (4), (13), and (41) apply for the 2008–09 and later income years.
(55) Subsections (5), (8), (19), and (48) apply for the 2014–15 and later income years.