MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 150 - Splitting pre-mining project interests  

Operative provisions  

SECTION 150-10   CONTINUATION OF PRE-MINING PROJECT INTEREST  

150-10(1)  
Each * pre-mining project interest (a new interest ) that an * entity (a new explorer ) * holds just after a * pre-mining project split is taken to be a continuation of the pre-mining project interest (the original interest ) an entity (the original explorer ) held just before the split.

Note:

This means, for example, that:

  • (a) each split interest retains the history of when the pre-mining project interest 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 split

    150-10(2)  
    A pre-mining project split happens if:


    (a) an * arrangement comes into force that has the effect of transferring, from one * entity to 2 or more other entities, the whole of a * pre-mining project interest ; or


    (b) an arrangement comes into force that has the effect of transferring, from one entity to one or more other entities, a part of a pre-mining project interest; or


    (c) under an * Australian law , the * exploration right to which a pre-mining project interest relates is split into 2 or more exploration rights.

    Note:

    A new explorer may be the same entity as the original explorer, in the situations described in paragraphs (b) and (c).




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