85‑5 Choosing a valuation approach85‑5 Choosing a valuation approach

#### 85‑5 Choosing a valuation approach (1) An \*entity may choose which valuation approach to apply to all \*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) a mining project interest that the entity has; or (b) a \*pre‑mining project interest that the entity holds. > Note: Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law. (2) The choice must specify whether the \*entity has chosen: (a) the book value approach; or (b) the market value approach. (3) The choice is not valid unless notice of the choice is given in the \*starting base return relating to the mining project interest or \*pre‑mining project interest. (4) The choice may specify that it applies to every mining project interest or \*pre‑mining project interest that the \*entity has that relates to a specified area. (5) 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.