MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-3 - ADJUSTING MRRT LIABILITIES  

Division 165 - Starting base adjustments  

Subdivision 165-A - Starting base adjustment events and starting base adjustment amounts  

SECTION 165-5   STARTING BASE ADJUSTMENT EVENTS  

165-5(1)    
A starting base adjustment event happens for a * starting base asset relating to a mining project interest that a miner has if:

(a) the miner ceases to * hold the asset; or

(b) the miner:

(i) stops using it, having it * installed ready for use or constructing it for use, in carrying on * upstream mining operations relating to the mining project interest; and

(ii) expects never to use it, never to have it installed ready for use or never to restart constructing it for use, again in carrying on upstream mining operations relating to the mining project interest; or

(c) the miner:

(i) has not so used it; and

(ii) decides never so to use it; and

(iii) if it has been so installed - stops having it so installed; and

(iv) if it is being so constructed for use - stops so constructing it;

in carrying on upstream mining operations relating to the mining project interest.

165-5(2)    
However, a starting base adjustment event does not happen for a * starting base asset that:

(a) is, or includes, the rights and interests constituting the mining project interest; or

(b) is an asset that the miner transfers to another entity together with such rights and interests.