MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 90 - Declines in value of starting base assets  

Subdivision 90-C - Base values under the market value approach  

SECTION 90-45   MINING PROJECT INTEREST ORIGINATING FROM PRE-MINING PROJECT INTERESTS ETC.  

90-45(1)    
For the purpose of working out under section 90-40 the * base value of a * starting base asset , relating to a mining project interest, for the * MRRT year in which the * start time for the asset happens, if:

(a) the asset is, or includes, the rights and interests that constitute the mining project interest; and

(b) the mining project interest did not exist on 1 May 2010; and

(c) the mining project interest * originates from one or more * pre-mining project interests , or one or more parts of pre-mining project interests, that existed just before 2 May 2010;

assume that the mining project interest is a continuation of the pre-mining project interest.

90-45(1A)    
Without limiting subsection (1), assume also that the * market value of the asset on 1 May 2010 was an amount equal to the market value, on that day, of the rights and interests that constitute the * pre-mining project interest or pre-mining project interests, or the part or parts, from which the mining project interest * originates.

90-45(2)    
However, subsection (1A) does not apply if the * entity has made a choice under section 180-5 (look-back approach) relating to the mining project interest.