MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-3 - ADJUSTING MRRT LIABILITIES  

Division 165 - Starting base adjustments  

Subdivision 165-C - Partial disposal of starting base assets  

SECTION 165-45   REDUCTIONS IN STARTING BASE LOSSES  

165-45(1)    
This section applies if, on one or more occasions during an * MRRT year , section 165-35 applies to a miner ceasing to * hold a part of a * starting base asset relating to a mining project interest that a miner has.

165-45(2)    
In working out under subsection 80-40(3) or (4) any reduction in an amount of a * starting base loss for the mining project interest for the * MRRT year or a later MRRT year, treat the starting base asset as not including, after the cessation, the disposed asset (within the meaning of section 165-35 ) relating to that cessation.

Note:

Example:

Using the example in subsection 165-40(1) , the miner ' s starting base loss would be unaffected if, after the sale of the 75 % interest in the truck, the purchaser used the truck for 75 % of the time for a purpose that is entirely unrelated to the upstream mining operations for the mining project interest.