MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
The start of a * mining venture that gives rise to a mining project interest under subsection 15-5(1) is taken to be a * mining project split of a mining project interest that existed, just before that start, under subsection 15-5(4) if:
(a) the mining venture relates to some (but not all) of the * taxable resources to which the mining project interest under subsection 15-5(4) related; or
(b) the mining venture relates to all of those resources, and more than one entity has a mining project interest in relation to the mining venture at the time it starts.
Example:
VioletCo has a mining project interest under subsection 15-5(4) as a result of being granted a production right entitling it to extract iron ore from an area in which 2 bodies of ore have been identified.
VioletCo and DiggerCo later start a mining venture, in which they both participate, to extract one of the bodies of ore. There is no mining venture in relation to the other body of ore.
The start of this mining venture gives rise to mining project interests for VioletCo and DiggerCo under subsection 15-5(1) . There is taken to be a mining project split of the mining project interest VioletCo had under subsection 15-5(4) after which there are 3 new interests: the 2 interests in the mining venture and VioletCo ' s reduced residual interest under subsection 15-5(4) . VioletCo is the original miner and both VioletCo and DiggerCo are the new miners.
One effect of this is that each of the new interests is taken to be a continuation of the mining project interest VioletCo had under subsection 15-5(4) (the original interest).
125-35(2)
To avoid doubt, the start of a * mining venture may be taken to be a * mining project split for more than one mining project interest, if the start of the mining venture has the effect mentioned in paragraph (1)(a) or (b) in relation to more than one mining project interest.
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