MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
A thing that happens at a 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 splits ; 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 .
However, the extent to which the thing affects the other entity ' s pre-mining amounts is reduced to reflect:
(a) if only one * pre-mining project split happened in the period from when the first entity last * held the interest until the time the thing happens - the * split percentage relating to that split; or
(b) 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.
A pre-mining project transfer may also have happened in the period, but will not affect the extent worked out under subsection (2) .
After a pre-mining project split 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, each new explorer is taken to have made the initial supply, and includes its split percentage of the amount in pre-mining revenue for the interest.