MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 145 - Transferring pre-mining project interests  

Operative provisions  

SECTION 145-30   PRE-MINING PROJECT TRANSFER WHEN MINING PROJECT INTEREST ORIGINATES  

145-30(1)    
If a single mining project interest * originates from a * pre-mining project interest and relates to the whole of the * project area for the pre-mining project interest:

(a) the origination is taken to be a * pre-mining project transfer ; and

(b) for the purposes of paragraph (a), the * MRRT law applies:

(i) in the same way in relation to the mining project interest as it applies in relation to a pre-mining project interest that exists after a pre-mining project transfer; and

(ii) in the same way in relation to the miner that has the mining project interest just after it so originates as it applies in relation to an * entity that * holds a pre-mining project interest after a pre-mining project transfer.

145-30(2)    
In applying this Division for the purposes of subsection (1) , disregard subsection 145-15(3) .

145-30(3)    
If, because of the application of this Division, a mining project interest has, for the part of the * MRRT year before it * originates from a * pre-mining project interest :

(a) * pre-mining revenue that exceeds * pre-mining expenditure - the excess is treated as * pre-mining profit of the pre-mining project interest for the MRRT year; or

(b) pre-mining expenditure that exceeds pre-mining revenue - the excess is treated as a * pre-mining loss of the pre-mining project interest for the MRRT year.

Note:

For the treatment of pre-mining profits, see section 140-20 . For the treatment of pre-mining losses, see Divisions 70 and 95 .