MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-2 - PRE-MINING PROJECT INTERESTS  

Division 140 - Pre-mining profits and royalty credits  

Subdivision 140-B - Pre-mining royalty credits  

SECTION 140-25   PRE-MINING ROYALTY CREDITS  

140-25(1)    
If an * entity that * held the * pre-mining project interest at any time incurred a liability that would, to any extent, have given rise, under section 60-20 , to a * royalty credit if:

(a) the pre-mining project interest were a mining project interest that the entity had; and

(b) the * exploration right to which the pre-mining project interest relates were a * production right to which the mining project interest relates; and

(c) in a case where the entity is not a miner - the entity were a miner;

treat the liability, to that extent, as giving rise to a royalty credit for the pre-mining project interest.

140-25(2)    
Work out the amount of the * royalty credit under Division 60 as if:

(a) the * pre-mining project interest were a mining project interest that the * entity had; and

(b) in a case where the entity is not a miner - the entity were a miner.

Note:

Recoupment of amounts of pre-mining royalty credits may give rise to an excess royalty recoupment mentioned in subsection 60-30(2) that would be included in the entity ' s pre-mining revenue because of subsection 70-40(2) .

140-25(3)    
The * royalty credit arises at the time the * entity incurs the liability, and relates to the * MRRT year in which it arises.

140-25(4)    
To avoid doubt, a * royalty credit that arises for the * pre-mining project interest for the * MRRT year cannot be applied in working out a * transferred royalty allowance for a mining project interest for any MRRT year.