MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

The decline in value of a starting base asset during an MRRT year counts towards the miner ' s starting base loss for a mining project interest for the year.

Under the book value approach, the base value of a starting base asset includes its value in the most recent financial report before 2 May 2010. Under the market value approach, the base value includes its market value as at 1 May 2010. Under either approach, the base value may also include expenditure incurred before 1 July 2012.

Under the book value approach, an uplift factor, based on the long term bond rate plus 7 % , is applied to components of the asset ' s base value. Under the market value approach, an uplift factor is not applied.