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

Schedule 4   Application and transitional provisions

Part 5   Administration

15   Starting base assessments

(1) Without limiting Division 155 in Schedule 1 to the Taxation Administration Act 1953, that Division also applies in relation to a starting base asset as if:

(a) the base value of the starting base asset for the first MRRT year were an assessable amount within the meaning of that Division that was mentioned in column 1 of the table in subsection 155-15(1) of that Division; and

(b) a starting base return for that year in relation to the starting base asset were a document mentioned in column 3 of that table in relation to that assessable amount.

(2) 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.