MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
Any MRRT that would otherwise be payable by the original explorer in relation to a * pre-mining project interest , in relation to the part of the * MRRT year before a * pre-mining project transfer happens (the pre-transfer part year ), is payable instead, in accordance with this Division:
(a) by the new explorer; and
(b) in the MRRT year for the new explorer in which the transfer happens.
The MRRT liability for the new explorer for the pre-mining project interest is worked out in accordance with this Division. It may be more, or less, than the liability the original explorer would have had, depending on circumstances such as choices, offsets and available allowances.
For any period after the transfer that the new explorer has the interest, its liability for MRRT (if any) is worked out under the ordinary rules.MRRT amounts move with interest 145-15(2)
For the purposes of the application of the * MRRT law in the * MRRT year in which the transfer happens or a later MRRT year, each of the following amounts that, apart from this Division, would be an amount for the original explorer and the original interest is instead an amount for the new explorer and the new interest:
(a) an amount included in * pre-mining revenue for the pre-transfer part year or an earlier MRRT year;
(b) an amount included in * pre-mining expenditure for the pre-transfer part year or an earlier MRRT year;
(c) an amount of a * royalty credit arising for the original interest in the pre-transfer part year;
(d) an amount of an * allowance component arising in an earlier MRRT year;
(e) if the transfer happens because of the operation of section 145-30 - the amount of the * pre-mining loss cap (if any) for the original interest.
Under section 145-30 , a mining project interest originating from a pre-mining project interest may be taken to be a pre-mining project transfer.
If the original explorer ' s MRRT year starts before the new explorer ' s MRRT year, the effect of this provision is that amounts from before the start of the new explorer ' s MRRT year are taken into account for the new explorer in the new explorer ' s MRRT year.
The original explorer has a substituted accounting period of 12 months from 1 April to 31 March. The new explorer has an MRRT year of 1 July to 30 June. The transfer happens on 1 July. The amounts covered by subsection (2) are all amounts that would be amounts for the original explorer for the period from 1 April to 30 June, so these will be amounts for the new explorer for its MRRT year 1 July to 30 June.
Despite subsection (2) , in working out under that subsection an amount for the * MRRT year in which the transfer happens or a later MRRT year:
(a) a choice under Division 200 to use the simplified MRRT method for that year made by the new explorer is taken into account; but
(b) a choice of that kind made by the original explorer is disregarded.
The effect of a simplified MRRT method choice made for a year before the transfer year is not affected: all allowance components are extinguished (see Division 200 ).
An original explorer had made no choices in the MRRT year in which a pre-mining project transfer happens. The new explorer chooses to use the simplified MRRT method.
The new explorer ' s MRRT liability for the pre-mining project interest (and all other interests it has) is zero.