MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-4 - VALUATION  

Division 180 - Valuation of starting base assets using the look-back approach  

Operative provisions  

SECTION 180-5   CHOOSING TO APPLY THE LOOK-BACK APPROACH  

180-5(1)    
An * entity may choose to apply the look-back approach to all the * starting base assets (and all property or rights that are expected to be starting base assets after the time mentioned in subsection 80-25(2) ) that the entity * holds that relate to a particular mining project interest that the entity has, or a * pre-mining project interest that the entity holds, if:

(a) either:

(i) in the case of a mining project interest - the mining project interest did not exist on 2 May 2010, but it * originates from a pre-mining project interest that existed (or that is a part of a pre-mining project interest that existed) just before 2 May 2010; or

(ii) in the case of a pre-mining project interest - the pre-mining project interest existed (or is a part of a pre-mining project interest that existed) just before 2 May 2010; and

(b) under Division 85 , the market value approach is the valuation approach for the mining project interest or pre-mining project interest.

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.

180-5(2)    
The choice may specify that it applies to every mining project interest that the * entity has, and every * pre-mining project interest that the entity * holds , that relate to a specified area.

180-5(3)    
The choice applies, in relation to the mining project interest or * pre-mining project interest , to the first * MRRT year and all later MRRT years.