MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 90 - Declines in value of starting base assets  

Guide to Division 90  

SECTION 90-1   90-1   WHAT THIS DIVISION IS ABOUT  

The decline in value of a starting base asset during an MRRT year counts towards the miner ' s starting base loss for a mining project interest for the year.

Under the book value approach, the base value of a starting base asset includes its value in the most recent financial report before 2 May 2010. Under the market value approach, the base value includes its market value as at 1 May 2010. Under either approach, the base value may also include expenditure incurred before 1 July 2012.

Under the book value approach, an uplift factor, based on the long term bond rate plus 7 % , is applied to components of the asset ' s base value. Under the market value approach, an uplift factor is not applied.




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