MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 80 - Starting base allowances  

Subdivision 80-D - Amounts of starting base losses  

SECTION 80-45   STARTING BASE LOSSES FOR LATER MRRT YEARS  

80-45(1)  
In a later * MRRT year , the amount of the * starting base loss is:

Starting base losses

where:

previous application of the amount
is the sum of the parts (if any) of the * starting base loss that have been applied in working out, for the preceding * MRRT year , a * starting base allowance for the mining project interest.

previous starting base loss
is the * starting base loss for the preceding * MRRT year .

uplift factor
is one of the following:


(a) if, under Division 85 , the book value approach is the valuation approach for the mining project interest:

* Long term bond rate for the preceding * MRRT year + 1.07


(b) if, under Division 85 , the market value approach is the valuation approach for the mining project interest:


Sum of the * index numbers for the
quarters in the year ending on 31 March just
before the start of the relevant financial year
Sum of the * index numbers for the
quarters in the year ending on the
previous 31 March

where:

relevant financial year
is:


(i) if the * MRRT year is a * financial year - the MRRT year; or


(ii) if the MRRT year is not a financial year - the financial year corresponding to the MRRT year.

80-45(2)  
The amount worked out under paragraph (b) of the definition of uplift factor in subsection (1) is to be worked out to 3 decimal places (rounding up if the fourth decimal place is 5 or more).




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