MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
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.
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.
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 .
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 .
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.