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MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-3 - MINING PROFITS  

Division 25 - Mining profits  

Operative provisions  

SECTION 25-5   HOW TO WORK OUT THE MINING PROFIT FOR A MINING PROJECT INTEREST  
Work out a miner ' s mining profit for a mining project interest for an * MRRT year as follows:

Mining profit = Mining revenue − Mining expenditure

Method statement

Step 1.

Work out the miner ' s * mining revenue for the mining project interest for the * MRRT year .

Note:

For the mining revenue , see Division 30 .


Step 2.

Work out the miner ' s * mining expenditure for the mining project interest for the * MRRT year .

Note:

For the mining expenditure , see Division 35 .


Step 3.

If the * mining revenue exceeds the * mining expenditure , the difference is the miner ' s mining profit for the mining project interest for the * MRRT year .


Step 4.

If the * mining revenue does not exceed the * mining expenditure , the miner ' s mining profit for the mining project interest for the * MRRT year is zero.

Note:

Mining expenditure that exceeds mining revenue is a mining loss that may be applied in working out a mining loss allowance (see Part 3-4 ) or a transferred mining loss allowance (see Part 3-7 ).


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