MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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-D - Miscellaneous  

SECTION 165-60  

165-60   EFFECT ON BASE VALUE OF USE ETC. OF STARTING BASE ASSETS AFTER STARTING BASE ADJUSTMENT EVENTS  
Despite sections 90-30 and 90-50 , if:

(a) during an * MRRT year , a * starting base adjustment event happened for a * starting base asset relating to a mining project interest that a miner has; and

(b) the starting base adjustment event happened other than because the miner ceased to * hold the * starting base asset ; and

(c) during a later MRRT year in which the miner holds the starting base asset, it starts to be:

(i) used; or

(ii) * installed ready for use ; or

(iii) being constructed for use;

in carrying on * upstream mining operations relating to the mining project interest;

the base value of the starting base asset, for the first MRRT year after the time at which the starting base adjustment event happened, is taken to be its * termination value at that time.

Note:

The base values of the starting base asset for later MRRT years will be worked out under section 90-30 (book value approach) or 90-50 (market value approach).