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Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012

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7351

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012

 

 

(1)     Schedule 1, page 3 (after line 19), after item 2, insert:

2A  Subsection 85-5(1)

Omit “An *entity may choose”, substitute “Subject to subsection (1A), an *entity may choose”.

[starting base assets]

(2)     Schedule 1, page 3 (after line 19), after item 2, insert:

2B  After subsection 85-5(1)

Insert:

          (1A)  An *entity cannot choose to apply the market value approach to any *starting base assets that it begins to *hold at any time on or after 1 July 2013.

          (1B)  Subsection (1C) applies if:

                     (a)  an entity has made a choice to apply the market value approach to any *starting base assets that it *holds, or begins to *hold; and

                     (b)  the choice was made before 1 July 2013.

          (1C)  Notwithstanding the choice referred to in subsection (1B)(a), the *entity is treated as having made a choice to apply the book value approach for the purpose of valuing its *starting base assets.

          (1D)  Subsections (1A), (1B), (1C) and (1D) apply from 1 July 2013.

[starting base assets]