150‑15 Effects of pre‑mining project spl150‑15 Effects of pre‑mining project split

#### 150‑15 Effects of pre‑mining project split Liability for MRRT moves with interest (1) Any MRRT that would otherwise be payable by the original explorer in relation to a \*pre‑mining project interest in relation to the part of the \*MRRT year before a \*pre‑mining project split happens (the pre‑split part year) is payable instead, in accordance with this Division: (a) by each new explorer; and (b) in the MRRT year for a new explorer in which the split happens. > Note 1: The MRRT liability for each split interest is worked out in accordance with this Division. The sum total of those liabilities may be more, or less, than the liability the original explorer would have had, depending on circumstances such as choices, offsets and available allowances. > Note 2: For any period after the split that a new explorer has the interest, its liability for MRRT (if any) is worked out under the ordinary rules. MRRT amounts move with interest (2) For the purposes of the application of the \*MRRT law in the \*MRRT year in which the split happens or a later MRRT year, each of the following amounts that, apart from this Division, would be an amount for the original explorer and the original interest is instead, to the extent of a new interest’s \*split percentage, an amount for the new explorer and the new interest: (a) an amount included in \*pre‑mining revenue for the pre‑split part year or an earlier MRRT year; (b) an amount included in \*pre‑mining expenditure for the pre‑split part year or an earlier MRRT year; (c) an amount of a \*royalty credit arising for the original interest in the pre‑split part year; (d) an amount of an \*allowance component for an earlier MRRT year; (e) if the new explorer is the same \*entity as the original explorer—the amount of the \*pre‑mining loss cap (if any) for the original interest. > Note: If the new explorer is not the same entity as the original explorer, a new pre‑mining loss cap arises for the new interest under section 95‑30. Choices to use the simplified MRRT method (3) Despite subsection (2), in working out under that subsection an amount for the \*MRRT year in which the split happens or a later MRRT year: (a) a choice under Division 200 to use the simplified MRRT method for that year made by the new explorer is taken into account; but (b) a choice of that kind made by the original explorer is disregarded. > Note 1: The effect of a simplified MRRT method choice made for a year before the split year is not affected: all allowance components are extinguished (see Division 200). > Note 2: If the original explorer’s MRRT year starts before the new explorer’s MRRT year, the effect of this provision is that, in working out amounts under subsection (2), a choice made by the new explorer for the new explorer’s MRRT year affects amounts from before the start of that MRRT year. Exception for new explorer that is the same entity as original explorer (4) If a new explorer in relation to a \*pre‑mining project split is the same entity as the original explorer, a choice that would otherwise be disregarded under subsection (3) in working out an amount for that new explorer is not disregarded. > Note: This subsection does not affect the operation of subsection (3) for a new explorer that is not the original explorer. Meaning of split percentage (5) The split percentage for a new interest an \*entity \*holds just after a \*pre‑mining project split is the percentage that best reflects a reasonable approximation of the \*market value of the new interest, expressed as a percentage of the sum of the market values of all the new interests arising from the split. (6) The \*market values mentioned in subsection (5) are those values just after the \*pre‑mining project split to which the new interest relates. (7) To avoid doubt, the sum of the \*split percentages for the new interests must equal 100%.