MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-5 - STARTING BASE ALLOWANCES  

Division 80 - Starting base allowances  

Subdivision 80-D - Amounts of starting base losses  

SECTION 80-50   MINING PROJECT INTERESTS ORIGINATING FROM PRE-MINING PROJECT INTERESTS WITH DIFFERENT VALUATION APPROACHES  

80-50(1)    
If a mining project interest * originates from 2 or more * pre-mining project interests , and those that have a valuation approach under Division 85 do not all have the same valuation approach:


(a) in the circumstances mentioned in subsection (2) , there are 2 * starting base losses , for the mining project interest for the same * MRRT year , of the amounts provided in subsection (3) ; and


(b) in working out the amount of a * starting base allowance for the mining project interest for an MRRT year, the starting base losses for the mining project interest for the year are to be applied in the order specified in subsection (4) ; and


(c) in working out under Division 90 the decline in value of any * starting base asset during an MRRT year, assume that the applicable valuation approach is the valuation approach specified under subsection (5) .

 View history note

80-50(2)    
There are 2 * starting base losses , for the mining project interest for the same * MRRT year , if, for the year:


(a) there would have been a starting base loss (the book value starting base loss ) for the mining project interest for that MRRT year if it had * originated only from the * pre-mining project interests for which the book value approach is the valuation approach under Division 85; and


(b) there would have been another starting base loss (the market value starting base loss ) for the mining project interest for that MRRT year if it had originated only from the pre-mining project interests for which the market value approach is the valuation approach under Division 85.

80-50(3)    
The amounts of those 2 * starting base losses are the book value starting base loss and the market value starting base loss.

80-50(4)    
Despite subsection 80-15(2) , the order for applying the * starting base losses for the mining project interest for the year is:


(a) the book value starting base loss; then


(b) the market value starting base loss.

80-50(5)    
The valuation approach is:


(a) the book value approach if the asset relates to a * pre-mining project interest for which the book value approach is the valuation approach under Division 85 ; or


(b) the market value approach if the asset relates to a pre-mining project interest for which the market value approach is the valuation approach under Division 85 .

 

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