180‑10 The effect of the look‑back appro180‑10 The effect of the look‑back approach on valuation of mining project interests

#### 180‑10 The effect of the look‑back approach on valuation of mining project interests (1) If the \*entity has made a choice under section 180‑5 relating to the mining project interest or \*pre‑mining project interest, in working out the declines in value, for an \*MRRT year to which this section applies, of the \*starting base assets that relate to: (a) the mining project interest to which the choice relates; or (b) a mining project interest that \*originates from the pre‑mining project interest to which the choice relates; use the assumptions set out in subsection (3) of this section. (2) This section applies to the \*MRRT year in which the \*start time for the \*starting base assets happens, and to any later MRRT years. (3) The assumptions are that: (a) all of the \*starting base assets were a single starting base asset; and (b) for the purposes of working out the \*base value of that single starting base asset under section 90‑40, the \*market value of the asset on 1 May 2010 were the amount worked out under subsection (4); and (c) for the purposes of working out the remaining effective life of that single starting base asset under section 90‑15, subsection 90‑15(3) applies as if the asset were treated as a single starting base asset because of section 80‑30. > Note: Any amounts of interim expenditure relating to the asset would be included in the base value of the asset for the year: see subparagraph 90‑40(1)(a)(ii). (4) For the purposes of paragraph (3)(b), the \*market value of the asset on 1 May 2010 is the sum of all the amounts that, if the \*MRRT law had been in force from 2 May 2000, would have been \*pre‑mining expenditure, incurred between 2 May 2000 and 1 May 2010, that: (a) if the choice under section 180‑5 relates to a mining project interest: (i) related to the \*pre‑mining project interest from which the mining project interest \*originates; and (ii) was incurred by the entity that \*held the pre‑mining project interest at the time the expenditure was incurred; or (b) if the choice under section 180‑5 relates to a pre‑mining project interest—was incurred by the entity that held the pre‑mining project interest at the time the expenditure was incurred.