MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
Starting base allowances enable the following to be taken into account in a miner ' s MRRT liability for a mining project interest for an MRRT year:
A starting base allowance consists of a miner ' s available starting base losses. Starting base losses reflect the declines in value of starting base assets.
Starting base losses that are not applied are increased by one of 2 uplift factors. Which uplift factor to use is governed by whether a book value approach or a market value approach is applied to valuing starting base assets.
A starting base allowance can arise in relation to a pre-mining project interest from which a mining project interest originates.
Division 165 deals with starting base adjustments, which apply if starting base assets cease to be part of a miner ' s starting base. Division 180 allows for valuation of starting base assets using a look-back approach.