MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 150 - Splitting pre-mining project interests  

Operative provisions  

SECTION 150-20   EFFECT OF TRANSFERRED PROPERTY  

150-20(1)  
This section applies if:


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

150-20(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.

150-20(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 .

150-20(4)  
To avoid doubt, the * pre-mining project split , 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 split 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.




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