MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 85 - Valuation approaches  

Operative provisions  

SECTION 85-5   CHOOSING A VALUATION APPROACH  

85-5(1)  
An * entity may choose which valuation approach to apply to all * 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) a mining project interest that the entity has; or


(b) a * pre-mining project interest that the entity holds.

Note:

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

85-5(2)  
The choice must specify whether the * entity has chosen:


(a) the book value approach; or


(b) the market value approach.

85-5(3)  
The choice is not valid unless notice of the choice is given in the * starting base return relating to the mining project interest or * pre-mining project interest .

85-5(4)  
The choice may specify that it applies to every mining project interest or * pre-mining project interest that the * entity has that relates to a specified area.

85-5(5)  
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.




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