MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-1 - MINING PROJECT INTERESTS  

Division 120 - Transferring mining project interests  

Operative provisions  

SECTION 120-15   EFFECT OF TRANSFERRED PROPERTY  

120-15(1)    
This section applies if:

(a) any property, or any legal or equitable right that is not property, (the transferred property ) is transferred to the new miner under the * mining project transfer ; and

(b) the original miner used the transferred property in * mining operations for the mining project interest; and

(c) the transferred property:

(i) gave rise to an amount of * mining expenditure for the original miner, or another miner who preceded the original miner, in relation to the mining project interest; or

(ii) is, or may become, a * starting base asset , in relation to the mining project interest.

120-15(2)    
Despite section 30-40, no amount is included in the original miner ' s * mining revenue for the mining project interest in relation to any part of the consideration for the transfer that relates to the transferred property.

120-15(3)    
For the new miner, any part of the consideration for the transfer that relates to the transferred property is taken, for the purposes of section 35-35 , to be expenditure relating to the acquisition of the mining project interest.

120-15(4)    
To avoid doubt, the * mining project transfer , and the transfer of the transferred property, is not an event or circumstance giving rise to an adjustment under Division 160 .

Note:

Events or circumstances happening after the transfer may give rise to adjustment under Division 160 , for instance if the new miner uses the transferred property in relation to the mining project interest to a greater or lesser extent than the original miner.