MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 90 - Declines in value of starting base assets  

Subdivision 90-A - How to work out the decline in value of a starting base asset  

SECTION 90-5   HOW TO WORK OUT THE DECLINE IN VALUE OF A STARTING BASE ASSET  

90-5(1)  
The decline in value of a * starting base asset , relating to a mining project interest, during an * MRRT year is as follows:


Base value × Number of starting base days × Write off rate
365

where:

base value
is the base value of the asset for that year worked out under whichever of the following is applicable:


(a) Subdivision 90-B (book value approach);


(b) Subdivision 90-C (market value approach);


(c) section 165-60 (use etc. of starting base assets after starting base adjustment events).

However, the base value may be reduced under section 90-60 (partial disposal) or section 90-65 (recoupment).

number of starting base days
is the number of * starting base days , in relation to the * starting base asset , during the * MRRT year .

write off rate
is the write off rate under section 90-10 or 90-15 (whichever is applicable) for the asset for the year.

90-5(2)  
The decline in value during an * MRRT year cannot be more than the asset ' s * base value for that year.


 

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