Document ID: chunk:federal_register_of_legislation:C2015A00130:clause:1_1:p2
Version: federal_register_of_legislation:C2015A00130
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/3)
Character Range: 6772–9597

of those rights; and
 (c) that does not provide for any transfer, of a mining, quarrying or prospecting right, that does not give rise to the effect referred to in subsection (6).
Note: The parts referred to in paragraph (b) are themselves mining, quarrying or prospecting rights (see paragraph (c) of the definition of mining, quarrying or prospecting right in subsection 995‑1(1)), and are therefore not referred to elsewhere in this Act as parts of such rights.
 (6) The effect referred to in paragraphs (5)(b) and (c) must be that, for each of those entities, the following are equal:
 (a) the entity's percentage interest in the project;
 (b) the reserves and resources represented by the *mining, quarrying or prospecting rights that the entity *holds relating to the project, expressed as a percentage of the reserves and resources represented by all mining, quarrying or prospecting rights that any of the entities hold relating to the project.
 (7) For the purposes of subsection (6):
 (a) the reserves represented by a *mining, quarrying or prospecting right are taken to be the reserves, reasonably estimated using an appropriate accepted industry practice, that are expected to be extracted from the mine, *petroleum field or quarry to which the right relates; and
 (b) the resources represented by a mining, quarrying or prospecting right are taken to be the resources, reasonably estimated using an appropriate accepted industry practice, that are expected to be situated in the area to which the right relates (other than those resources that are reserves referred to in paragraph (a)).

40‑364  Interest realignment adjustments

Effect of receiving interest realignment adjustment on assessable income
 (1) If you receive an *interest realignment adjustment in an income year, include in your assessable income for the year an amount (the adjustment amount) equal to:
 (a) the amount of the adjustment; or
 (b) if the adjustment is not an amount—the *market value of the adjustment.

Effect of providing interest realignment adjustment on cost, or cost base and reduced cost base
 (2) If an *interest realignment adjustment is provided by you or on your behalf:
 (a) include the adjustment amount in the second element of the *cost of a *mining, quarrying or prospecting right that you acquired under the *interest realignment arrangement to which the adjustment amount relates; or
 (b) if this Division does not apply to that right—include the adjustment amount in the *cost base and *reduced cost base of that right.
However, if you acquired more than one such right under the arrangement, apportion the adjustment amount between the costs, or cost bases and reduced cost bases, of those rights on a reasonable basis.
Note: Subsections 40‑77(1D) and (1E) of the Income Tax (Transitional Provisions) Act 1997