MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 145 - 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.

Note:

This means, for example, that:

  • (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 .




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