250‑5 Meaning of hold250‑5 Meaning of hold

250‑5 Meaning of hold

(1) An *entity holds a thing referred to in subsection (2) if: (a) the thing is a *depreciating asset that the entity holds (within the meaning of section 40‑40 of the Income Tax Assessment Act 1997); or (b) the entity would hold the thing (within the meaning of that section) if it were a depreciating asset. (2) The things are as follows: (a) a *starting base asset relating to a mining project interest (or any property or right that is expected to be a starting base asset after the time mentioned in subsection 80‑25(2)); (b) an asset to which section 175‑40 applies; (c) a *pre‑mining project interest. (3) However, the *entity that has a mining project interest is taken to hold the *starting base asset that is or includes the rights and interests constituting the mining project interest.