MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 6
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INTERPRETING THIS ACT
PART 6-2
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MEANING OF SOME IMPORTANT CONCEPTS
Division 250
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Meaning of hold
Operative Provisions
SECTION 250-5
MEANING OF
HOLD
250-5(1)
An * entity holds a thing referred to in subsection (2) if:
(a) the thing is a * depreciating asset that the entity holds (within the meaning of section 40-40 of the Income Tax Assessment Act 1997 ); or
(b) the entity would hold the thing (within the meaning of that section) if it were a depreciating asset.
250-5(2)
The things are as follows:
(a) a * starting base asset relating to a mining project interest (or any property or right that is expected to be a starting base asset after the time mentioned in subsection 80-25(2) );
(b) an asset to which section 175-40 applies;
(c) a * pre-mining project interest .
250-5(3)
However, the * entity that has a mining project interest is taken to hold the * starting base asset that is or includes the rights and interests constituting the mining project interest.
An * entity holds a thing referred to in subsection (2) if:
(a) the thing is a * depreciating asset that the entity holds (within the meaning of section 40-40 of the Income Tax Assessment Act 1997 ); or
(b) the entity would hold the thing (within the meaning of that section) if it were a depreciating asset.
250-5(2)
The things are as follows:
(a) a * starting base asset relating to a mining project interest (or any property or right that is expected to be a starting base asset after the time mentioned in subsection 80-25(2) );
(b) an asset to which section 175-40 applies;
(c) a * pre-mining project interest .
250-5(3)
However, the * entity that has a mining project interest is taken to hold the * starting base asset that is or includes the rights and interests constituting the mining project interest.
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