90‑45 Mining project interest originatin90‑45 Mining project interest originating from pre‑mining project interests etc.

90‑45 Mining project interest originating from pre‑mining project interests etc.

(1) For the purpose of working out under section 90‑40 the *base value of a *starting base asset, relating to a mining project interest, for the *MRRT year in which the *start time for the asset happens, if: (a) the asset is, or includes, the rights and interests that constitute the mining project interest; and (b) the mining project interest did not exist on 1 May 2010; and (c) the mining project interest *originates from one or more *pre‑mining project interests, or one or more parts of pre‑mining project interests, that existed just before 2 May 2010; assume that the mining project interest is a continuation of the pre‑mining project interest. (1A) Without limiting subsection (1), assume also that the *market value of the asset on 1 May 2010 was an amount equal to the market value, on that day, of the rights and interests that constitute the *pre‑mining project interest or pre‑mining project interests, or the part or parts, from which the mining project interest *originates. (2) However, subsection (1A) does not apply if the *entity has made a choice under section 180‑5 (look‑back approach) relating to the mining project interest.