MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 4
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SPECIALIST LIABILITY RULES
PART 4-4
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VALUATION
Division 170
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Valuation principles
Operative provisions
SECTION 170-5
VALUATIONS TO COMPLY WITH VALUATION PRINCIPLES
170-5(1)
The value of a thing that is to be valued for the purposes of working out an amount under the * MRRT law is to be worked out in accordance with the valuation principles set out in section 170-10 .(a) a starting base asset (to work out a starting base loss);
(b) a mining project interest or pre-mining project interest (to work out a split percentage).
170-5(2)
Subsection (1) is a general rule that is subject to the specific rules in the * MRRT law outside this Division.
170-5(3)
To avoid doubt, subsection (1) applies:
(a) whether or not a provision of the * MRRT law requires a thing to be valued at its * market value ; and
(b) whether or not a provision of the MRRT law expressly requires an amount to be worked out by making a valuation.
The value of a thing that is to be valued for the purposes of working out an amount under the * MRRT law is to be worked out in accordance with the valuation principles set out in section 170-10 .
Note:
The following are some examples of things that may be valued:
170-5(2)
Subsection (1) is a general rule that is subject to the specific rules in the * MRRT law outside this Division.
170-5(3)
To avoid doubt, subsection (1) applies:
(a) whether or not a provision of the * MRRT law requires a thing to be valued at its * market value ; and
(b) whether or not a provision of the MRRT law expressly requires an amount to be worked out by making a valuation.
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