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.