121‑10 Information notice for transfers 121‑10 Information notice for transfers and splits of mining and pre‑mining project interests

121‑10 Information notice for transfers and splits of mining and pre‑mining project interests

(1) An entity (the original entity) must give another entity (the new entity) a notice if: (a) the original entity had a *mining project interest before a *mining project transfer or *mining project split, and the new entity has the interest, or part of the interest, after the transfer or split; or (b) the original entity *held a *pre‑mining project interest before a *pre‑mining project transfer or *pre‑mining project split, and the new entity holds the interest, or part of the interest, after the transfer or split. (2) The notice must contain: (a) the amount of each *allowance component relating to the new entity’s interest; and (b) the information the original entity has that is necessary for the new entity to work out, for the *MRRT year in which the transfer or split happens or for later MRRT years: (i) the *starting base losses for its interest; and (ii) the amounts that are included in the new entity’s *mining revenue or *pre‑mining revenue for its interest; and (iii) the amounts that are included in the new entity’s *mining expenditure or *pre‑mining expenditure for its interest; and (iv) the amount of a *rehabilitation tax offset for its interest; and (c) for a split—the new entity’s *split percentage for its interest; and (d) the information the original entity has that is necessary for the new entity to work out the new entity’s *instalment income for an *instalment quarter in the MRRT year in which the transfer or split happens. (3) The original entity must also give the new entity a notice containing information about a thing mentioned in section 120‑20, 125‑30, 145‑25 or 150‑30 of the Minerals Resource Rent Tax Act 2012 (events that happen after a transfer or split) in relation to the transfer or split. (4) The original entity must give the notice: (a) in writing, or in another form acceptable to the new entity; and (b) for a notice under subsection (1)—within 60 days of the *mining project transfer, *mining project split, *pre‑mining project transfer or *pre‑mining project split; and (c) for a notice under subsection (3)—within 60 days of the day on which the thing happens.

Note: Section 286‑75 provides an administrative penalty for a breach of this section. A breach of this section may also be an offence under section 8C, and making a false or misleading statement when providing the information may be an offence under section 8K or 8N.