MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 145 - Transferring pre-mining project interests  

Operative provisions  

SECTION 145-20   EFFECT OF TRANSFERRED PROPERTY  

145-20(1)    
This section applies if:

(a) any property, or any legal or equitable right that is not property, (the transferred property ) is transferred to the new explorer under the * pre-mining project transfer ; and

(b) the original explorer used the transferred property in * pre-mining project operations for the * pre-mining project interest; and

(c) the transferred property:

(i) gave rise to an amount of * pre-mining expenditure for the original explorer, or another explorer who preceded the original explorer, in relation to the pre-mining project interest; or

(ii) is, or may become, a * starting base asset , in relation to a mining project interest that * originates from the pre-mining project interest.

145-20(2)    
Despite sections 30-40 and 70-40 , no amount is included in the original explorer ' s * pre-mining revenue for the * pre-mining project interest in relation to any part of the consideration for the transfer that relates to the transferred property.

145-20(3)    
For the new explorer, any part of the consideration for the transfer that relates to the transferred property is taken, for the purposes of sections 35-35 and 70-35 , to be expenditure relating to the acquisition of the pre-mining project interest.

145-20(4)    
To avoid doubt, the * pre-mining project transfer , and the transfer of the transferred property, is not an event or circumstance giving rise to an adjustment under Division 160 .

Note:

Events or circumstances happening after the transfer may give rise to adjustment under Division 160 , for instance if the new explorer uses the transferred property in relation to the pre-mining project interest to a greater or lesser extent than the original explorer.