MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 80 - Starting base allowances  

Subdivision 80-A - Objects of this Division  

SECTION 80-5  

80-5   OBJECTS OF THIS DIVISION  
The objects of this Division are:

(a) to:

(i) recognise the value of mining project interests, and other assets used in * upstream mining operations , that miners had when resource tax reforms were announced on 2 May 2010; and

(ii) ensure that considerations relating to MRRT do not deter miners from making further investments in assets used in upstream mining operations in the period after that announcement and before 1 July 2012;

by reducing miners ' * MRRT liabilities based on declines in value of those interests and assets after 1 July 2012; and

(b) to provide an uplift for unapplied * starting base losses which compensates for:

(i) the delay where starting base losses are applied in a later year; and

(ii) under a book value approach to valuation, the risk that starting base losses may not be able to be applied in a later year.