MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 6 - INTERPRETING THIS ACT  

PART 6-2 - MEANING OF SOME IMPORTANT CONCEPTS  

Division 250 - Meaning of hold  

Operative Provisions  

SECTION 250-5   MEANING OF HOLD  

250-5(1)  
An * entity holds a thing referred to in subsection (2) if:


(a) the thing is a * depreciating asset that the entity holds (within the meaning of section 40-40 of the Income Tax Assessment Act 1997 ); or


(b) the entity would hold the thing (within the meaning of that section) if it were a depreciating asset.

250-5(2)  
The things are as follows:


(a) a * starting base asset relating to a mining project interest (or any property or right that is expected to be a starting base asset after the time mentioned in subsection 80-25(2) );


(b) an asset to which section 175-40 applies;


(c) a * pre-mining project interest .

250-5(3)  
However, the * entity that has a mining project interest is taken to hold the * starting base asset that is or includes the rights and interests constituting the mining project interest.




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