MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
Each * pre-mining project interest (a new interest ) that an * entity (a new explorer ) * holds just after a * pre-mining project split is taken to be a continuation of the pre-mining project interest (the original interest ) an entity (the original explorer ) held just before the split.
This means, for example, that:
A pre-mining project split happens if:
(a) an * arrangement comes into force that has the effect of transferring, from one * entity to 2 or more other entities, the whole of a * pre-mining project interest ; or
(b) an arrangement comes into force that has the effect of transferring, from one entity to one or more other entities, a part of a pre-mining project interest; or
(c) under an * Australian law , the * exploration right to which a pre-mining project interest relates is split into 2 or more exploration rights.
A new explorer may be the same entity as the original explorer, in the situations described in paragraphs (b) and (c).
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