MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 120-25   START OF MINING VENTURE TAKEN TO BE MINING PROJECT TRANSFER  

120-25(1)    
The start of a * mining venture is taken to be a * mining project transfer of a mining project interest that existed, just before that start, under subsection 15-5(4) if:

(a) the start of the mining venture gives rise to a single mining project interest under subsection 15-5(1) ; and

(b) the mining venture relates to all of the * taxable resources to which the mining project interest under subsection 15-5(4) related.

120-25(2)    
In applying this Division for the purposes of subsection (1) , disregard subsection 120-10(5) and paragraph 120-10(6)(b) .

Example:

TressCo has a mining project interest under subsection 15-5(4) as a result of being granted a production right entitling it to extract coal from an area.

TressCo later starts a mining venture, in which it is the sole participant, to extract the whole coal deposit from the whole of the area to which the production right relates. The start of this mining venture gives rise to a mining project interest for TressCo under subsection 15-5(1) and is taken to be a mining project transfer of the mining project interest TressCo had under subsection 15-5(4) .

One effect of this is that the interest TressCo has in the mining venture (the new interest) is taken to be a continuation of the mining project interest it had under subsection 15-5(4) (the original interest).