180‑5 Choosing to apply the look‑back ap180‑5 Choosing to apply the look‑back approach

#### 180‑5 Choosing to apply the look‑back approach (1) An \*entity may choose to apply the look‑back approach to all the \*starting base assets (and all property or rights that are expected to be starting base assets after the time mentioned in subsection 80‑25(2)) that the entity \*holds that relate to a particular mining project interest that the entity has, or a \*pre‑mining project interest that the entity holds, if: (a) either: (i) in the case of a mining project interest—the mining project interest did not exist on 2 May 2010, but it \*originates from a pre‑mining project interest that existed (or that is a part of a pre‑mining project interest that existed) just before 2 May 2010; or (ii) in the case of a pre‑mining project interest—the pre‑mining project interest existed (or is a part of a pre‑mining project interest that existed) just before 2 May 2010; and (b) under Division 85, the market value approach is the valuation approach for the mining project interest or pre‑mining project interest. > Note: Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law. (2) The choice may specify that it applies to every mining project interest that the \*entity has, and every \*pre‑mining project interest that the entity \*holds, that relate to a specified area. (3) The choice applies, in relation to the mining project interest or \*pre‑mining project interest, to the first \*MRRT year and all later MRRT years.