MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
A thing that happens at a particular time in relation to an * entity (the first entity ) is taken instead to happen in relation to another entity, and to have the effect mentioned in paragraph (c) in relation to a mining project interest the other entity has, if:
(a) the other entity has the interest at the time as a result of a * mining project transfer ; and
(b) the first entity had the interest at an earlier time; and
(c) if the first entity still had the interest, the thing would affect the first entity ' s * MRRT liability , * allowance components or * rehabilitation tax offsets for the interest. 120-20(2)
However, if one or more * mining project splits or * pre-mining project splits has happened in relation to the interest in the period from when the first entity last had the interest until the time the thing happens:
(a) the thing is taken to happen in relation to the other entity in relation to the interest; but
(b) the extent to which the thing affects the other entity ' s * MRRT liability , * allowance components or * rehabilitation tax offsets is reduced to reflect:
(i) if only one split (whether a mining project split or a pre-mining project split) happened in the period - the * split percentage relating to that split; or
(ii) if 2 or more such splits happened in the period - a percentage worked out by multiplying the split percentages for each of those splits.
After a mining project transfer happens, the original miner makes an initial supply of taxable resources that would have given rise to an amount of mining revenue for the miner if it still had the interest. Instead, the new miner is taken to have made the initial supply, and includes the amount in mining revenue for the interest.