145‑25 Events happening after pre‑mining145‑25 Events happening after pre‑mining project transfer

#### 145‑25 Events happening after pre‑mining project transfer (1) A thing that happens at a particular time in relation to an \*entity (the first entity) is taken instead to happen in relation to another entity, and to have the effect mentioned in paragraph (c) in relation to a \*pre‑mining project interest the other entity \*holds, if: (a) the other entity holds the interest at the time as a result of one or more \*pre‑mining project transfers; and (b) the first entity held the interest at an earlier time; and (c) if the first entity still held the interest, the thing would affect any of the following amounts (pre‑mining amounts) for the first entity: (i) \*pre‑mining revenue; (ii) \*pre‑mining expenditure; (iii) an \*allowance component; (iv) a \*rehabilitation tax offset. (2) However, if one or more \*pre‑mining project splits has happened in relation to the \*pre‑mining project interest in the period from when the first \*entity last \*held the interest until the time the thing happens: (a) the thing is taken to happen in relation to the other entity in relation to the interest; but (b) the extent to which the thing affects the other entity’s pre‑mining amounts is reduced to reflect: (i) if only one pre‑mining project split happened in the period—the \*split percentage relating to that split; or (ii) if 2 or more pre‑mining project splits happened in the period—a percentage worked out by multiplying the split percentages for each of those splits. > Note: The first entity is required to advise the other entity about the thing that happens: see Division 121 in Schedule 1 to the Taxation Administration Act 1953. > Note: Example: After a pre‑mining project transfer happens, the original explorer makes an initial supply of taxable resources that would have given rise to an amount of pre‑mining revenue for the explorer if it still held the interest. Instead, the new explorer is taken to have made the initial supply, and includes the amount in pre‑mining revenue for the interest.