MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
An * entity may choose to apply the look-back approach to all the * starting base assets (and all property or rights that are expected to be starting base assets after the time mentioned in subsection 80-25(2) ) that the entity * holds that relate to a particular mining project interest that the entity has, or a * pre-mining project interest that the entity holds, if:
(a) either:
(i) in the case of a mining project interest - the mining project interest did not exist on 2 May 2010, but it * originates from a pre-mining project interest that existed (or that is a part of a pre-mining project interest that existed) just before 2 May 2010; or
(ii) in the case of a pre-mining project interest - the pre-mining project interest existed (or is a part of a pre-mining project interest that existed) just before 2 May 2010; and
(b) under Division 85 , the market value approach is the valuation approach for the mining project interest or pre-mining project interest.
Note:
Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.
View history note
Hide history note180-5(2)
The choice may specify that it applies to every mining project interest that the * entity has, and every * pre-mining project interest that the entity * holds , that relate to a specified area.
180-5(3)
The choice applies, in relation to the mining project interest or * pre-mining project interest , to the first * MRRT year and all later MRRT years.
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