MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 3
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MRRT ALLOWANCES
PART 3-5
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STARTING BASE ALLOWANCES
Division 90
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Declines in value of starting base assets
Subdivision 90-C
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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;
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.
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.
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.
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