MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
This section applies if:
(a) any property, or any legal or equitable right that is not property, (the transferred property ) is transferred to a new miner under the * mining project split ; and
(b) the original miner used the transferred property in * mining operations for the mining project interest; and
(c) the transferred property:
(i) gave rise to an amount of * mining expenditure for the original miner, or another miner who preceded the original miner, in relation to the mining project interest; or
(ii) is, or may become, a * starting base asset , in relation to the mining project interest.
125-20(2)
Despite section 30-40 , no amount is included in the original miner ' s * mining revenue for the mining project interest in relation to any part of the consideration for the transfer that relates to the transferred property.
125-20(3)
For the new miner, any part of the consideration for the transfer that relates to the transferred property is taken, for the purposes of section 35-35 , to be expenditure relating to the acquisition of the mining project interest.
125-20(4)
To avoid doubt, the * mining project split , and the transfer of the transferred property, is not an event or circumstance giving rise to an adjustment under Division 160 .
Note:
Events or circumstances happening after the split may give rise to an adjustment under Division 160 , for instance if the new miner uses the transferred property in relation to the mining project interest to a greater or lesser extent than the original miner.
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