Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 (14 of 2012)

Schedule 4   Application and transitional provisions

Part 4   Specialist liability rules

12   Schemes to increase the base value of starting base assets

(1) Without limiting Division 210 of the Minerals Resource Rent Tax Act 2012, that Division also applies as if an entity gets or got an MRRT benefit from a scheme if:

(a) the entity holds a starting base asset; and

(b) the base value of that asset for the first MRRT year is, or could reasonably be expected to be, larger than it would be apart from the scheme.

(2) For the purposes of subitem (1), the Commissioner may make, under section 210-25 of the Minerals Resource Rent Tax Act 2012, a determination stating the base value of the starting base asset for the first MRRT year.

(3) This item applies to property or rights that are expected to be starting base assets as mentioned in subsection 117-20(2) in Schedule 1 to the Taxation Administration Act 1953 as if the property or rights were a starting base asset.