MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]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-D - Miscellaneous  

SECTION 90-60   PARTIAL DISPOSAL OF A STARTING BASE ASSET BEFORE THE START TIME  

90-60(1)  
The base value of a * starting base asset , relating to a mining project interest that a miner has, for the * MRRT year in which the * start time for the asset happens, is reduced to the extent (if any) that any of the miner ' s interest in the asset is disposed of during the period:


(a) starting on the day provided under subsection (2) ; and


(b) ending just before the start time for the asset.

90-60(2)  
The period starts:


(a) if, under Division 85 , the book value approach is the valuation approach for the mining project interest - on the date of the financial report mentioned in paragraph 90-25(3)(a) in relation to the accounts in which the value of the asset is recorded; or


(b) if, under Division 85 , the market value approach is the valuation approach for the mining project interest - on 2 May 2010.

90-60(3)  
Treat, for the purposes of this section, as a disposal of part of the miner ' s interest in the * starting base asset an * arrangement that has the effect of transferring to another * entity part of the benefits or entitlements that the miner has in relation to the asset.




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