MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-4 - MINING LOSS ALLOWANCES  

Division 75 - Mining loss allowances  

Operative provisions  

SECTION 75-20   MINING LOSSES  

75-20(1)    
A mining loss arises for a mining project interest for an * MRRT year if the * mining expenditure for the interest for the year exceeds the * mining revenue for the interest for the year.

75-20(2)    
In that year, the amount of the * mining loss is the amount of the excess.

75-20(3)    
In a later * MRRT year , the amount of the * mining loss is:

where:

previous amount of the loss
is the amount of the * mining loss for the preceding * MRRT year

previous application of the loss
is the sum of the parts (if any) of the * mining loss that have been applied in working out, for the preceding * MRRT year , any of the following:

(a) a * mining loss allowance for the mining project interest;

(b) one or more * transferred mining loss allowances for other mining project interests.

uplift factor
is:

* Long term bond rate for the preceding * MRRT year + 1.07

75-20(4)    
The * mining loss ceases to be a mining loss if it has been fully applied in working out any of the following:

(a) a * mining loss allowance for the mining project interest;

(b) * transferred mining loss allowances for other mining project interests.