MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]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 145-25   EVENTS HAPPENING AFTER PRE-MINING PROJECT TRANSFER  

145-25(1)  
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 * pre-mining project interest the other entity * holds , if:


(a) the other entity holds the interest at the time as a result of one or more * pre-mining project transfers ; and


(b) the first entity held the interest at an earlier time; and


(c) if the first entity still held the interest, the thing would affect any of the following amounts ( pre-mining amounts ) for the first entity:


(i) * pre-mining revenue ;

(ii) * pre-mining expenditure ;

(iii) an * allowance component ;

(iv) a * rehabilitation tax offset .

145-25(2)  
However, if one or more * pre-mining project splits has happened in relation to the * pre-mining project interest in the period from when the first * entity last * held 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 pre-mining amounts is reduced to reflect:


(i) if only one pre-mining project split happened in the period - the * split percentage relating to that split; or

(ii) if 2 or more pre-mining project splits happened in the period - a percentage worked out by multiplying the split percentages for each of those splits.
Note:

The first entity is required to advise the other entity about the thing that happens: see Division 121 in Schedule 1 to the Taxation Administration Act 1953 .

Example:

After a pre-mining project transfer happens, the original explorer makes an initial supply of taxable resources that would have given rise to an amount of pre-mining revenue for the explorer if it still held the interest. Instead, the new explorer is taken to have made the initial supply, and includes the amount in pre-mining revenue for the interest.




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