MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 150 - Splitting pre-mining project interests  

Operative provisions  

SECTION 150-35   PRE-MINING PROJECT SPLIT WHEN MINING PROJECT INTEREST ORIGINATES  

150-30(1)    
If, just after a mining project interest * originates from a * pre-mining project interest , there are 2 or more interests (whether mining project interests or pre-mining project interests) (the new interests ) relating to the * project area for the pre-mining project interest:


(a) the origination is taken to be a * pre-mining project split ; and


(b) for the purposes of paragraph (a), the * MRRT law applies:


(i) in the same way in relation to each new interest (whether it is a pre-mining project interest or a mining project interest) as it applies in relation to a pre-mining project interest that exists after a pre-mining project split; and

(ii) in the same way in relation to each * entity that * holds a new interest as it applies in relation to an entity that holds a pre-mining project interest after a pre-mining project split.

150-30(2)    
If, because of the application of this Division, a mining project interest has, for the part of the * MRRT year before it * originates from a * pre-mining project interest :


(a) * pre-mining revenue that exceeds * pre-mining expenditure - the excess is treated as * pre-mining profit of the pre-mining project interest for the MRRT year; or


(b) pre-mining expenditure that exceeds pre-mining revenue - the excess is treated as a * pre-mining loss of the pre-mining project interest for the MRRT year.

Note:

For the treatment of pre-mining profits, see section 140-20 . For the treatment of pre-mining losses, see Divisions 70 and 95 .





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