MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 4 - SPECIALIST LIABILITY RULES
PART 4-1 - MINING PROJECT INTERESTS
Division 115 - Combining mining project interests
Subdivision 115-C - The effect of combining mining project interests
SECTION 115-50 DIFFERENT VALUATION APPROACHES FOR MINING PROJECT INTERESTS
115-50(1)
If, under Division
85
, there is not the same valuation approach, for all the constituent interests:
(a)
in the circumstances mentioned in subsection
(2)
, there are 2
*
starting base losses
, for the combined interest for the same
*
MRRT year
, of the amounts provided in subsection
(3)
; and
(b)
in working out the amount of a
*
starting base allowance
for the combined interest for an MRRT year, the starting base losses for the combined interest in the year are to be applied in the order specified in subsection
(4)
; and
(c)
in working out under Division
90
the decline in value of any
*
starting base asset
relating to the constituent interest during an MRRT year, assume that the applicable valuation approach is the valuation approach specified under subsection
(5)
.
115-50(2)
There are 2
*
starting base losses
, for the combined interest for the same
*
MRRT year
, if, for the year:
(a)
there would have been one or more starting base losses (
book value starting base losses
) for the constituent interests for which the book value approach is the valuation approach under Division
85
; and
(b)
there would have been one or more starting base losses (
market value starting base losses
) for the constituent interests for which the market value approach is the valuation approach under Division
85
;
if the combined interest had not existed.
115-50(3)
The amounts of those 2
*
starting base losses
are:
(a)
an amount equal to the sum of the book value starting base losses; and
(b)
an amount equal to the sum of the market value starting base losses.
115-50(4)
Despite subsection
80-15(2)
, the order for applying the
*
starting base losses
for the combined interest for the year is:
(a)
the starting base loss relating to the book value starting base losses; then
(b)
the starting base loss relating to the market value starting base losses.
115-50(5)
The valuation approach is:
(a)
the book value approach if the asset relates to a constituent interest for which the book value approach is the valuation approach under Division
85
; or
(b)
the market value approach if the asset relates to a constituent interest for which the market value approach is the valuation approach under Division
85
.
115-50(6)
For the purposes of this section, if any of the constituent interests has, under section
80-50
, 2
*
starting base losses
for the same
*
MRRT year
, treat the interest as 2 constituent interests for which the valuation approaches under Division
85
are different.
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