MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 4
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SPECIALIST LIABILITY RULES
PART 4-2
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PRE-MINING PROJECT INTERESTS
Division 145
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Transferring pre-mining project interests
Operative provisions
SECTION 145-10
CONTINUATION OF PRE-MINING PROJECT INTEREST
145-10(1)
The * pre-mining project interest (the new interest ) that an * entity (the new explorer ) * holds just after a * pre-mining project transfer is taken to be a continuation of the pre-mining project interest (the original interest ) an entity (the original explorer ) held just before the transfer.(a) the pre-mining project interest retains the history of when it started, and of the entities who have held the interest at various times; and
(b) a choice made, under Division
85
, of the valuation approach for the pre-mining project interest continues to have effect.
Meaning of
pre-mining project transfer
145-10(2)
A pre-mining project transfer happens if:
(a) an * arrangement that has the effect of transferring the whole of the interest comprising a * pre-mining project interest from one * entity to a single other entity comes into force; and
(b) the pre-mining project interest the other entity starts to * hold covers the same * project area .
The * pre-mining project interest (the new interest ) that an * entity (the new explorer ) * holds just after a * pre-mining project transfer is taken to be a continuation of the pre-mining project interest (the original interest ) an entity (the original explorer ) held just before the transfer.
Note:
This means, for example, that:
A pre-mining project transfer happens if:
(a) an * arrangement that has the effect of transferring the whole of the interest comprising a * pre-mining project interest from one * entity to a single other entity comes into force; and
(b) the pre-mining project interest the other entity starts to * hold covers the same * project area .
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