MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 4
-
SPECIALIST LIABILITY RULES
PART 4-1
-
MINING PROJECT INTERESTS
Division 115
-
Combining mining project interests
Subdivision 115-C
-
The effect of combining mining project interests
SECTION 115-45
ALLOWANCE COMPONENTS ARISING IN PRECEDING MRRT YEARS
Royalty credits
115-45(1)
Any * royalty credit for a constituent interest for an * MRRT year preceding the combining year is taken to be a royalty credit for the combined interest for that year.
Pre-mining losses
115-45(2)
If, for an * MRRT year preceding the combining year, there is a * pre-mining loss for at least one of the constituent interests:
(a) all of the pre-mining losses for the constituent interests for the year are taken to be a single pre-mining loss for the combined interest for that MRRT year; and
(b) the amount of the single pre-mining loss is taken to be the sum of those pre-mining losses.
Mining losses
115-45(3)
If, for an * MRRT year preceding the combining year, there is a * mining loss for at least one of the constituent interests:
(a) all of the mining losses for the constituent interests for the year are taken to be a single mining loss for the combined interest for that MRRT year; and
(b) the amount of the single mining loss is taken to be the sum of those mining losses.
Starting base losses
115-45(4)
If, for an * MRRT year preceding the combining year, there is a * starting base loss for at least one of the constituent interests:
(a) all of the starting base losses for the constituent interests for the year are taken to be a single starting base loss for the combined interest for that MRRT year; and
(b) the amount of the single starting base loss is taken to be the sum of those starting base losses.
115-45(5)
However, subsection (4) does not apply in circumstances covered by section 115-50 .
Royalty credits
115-45(1)
Any * royalty credit for a constituent interest for an * MRRT year preceding the combining year is taken to be a royalty credit for the combined interest for that year.
Pre-mining losses
115-45(2)
If, for an * MRRT year preceding the combining year, there is a * pre-mining loss for at least one of the constituent interests:
(a) all of the pre-mining losses for the constituent interests for the year are taken to be a single pre-mining loss for the combined interest for that MRRT year; and
(b) the amount of the single pre-mining loss is taken to be the sum of those pre-mining losses.
Mining losses
115-45(3)
If, for an * MRRT year preceding the combining year, there is a * mining loss for at least one of the constituent interests:
(a) all of the mining losses for the constituent interests for the year are taken to be a single mining loss for the combined interest for that MRRT year; and
(b) the amount of the single mining loss is taken to be the sum of those mining losses.
Starting base losses
115-45(4)
If, for an * MRRT year preceding the combining year, there is a * starting base loss for at least one of the constituent interests:
(a) all of the starting base losses for the constituent interests for the year are taken to be a single starting base loss for the combined interest for that MRRT year; and
(b) the amount of the single starting base loss is taken to be the sum of those starting base losses.
115-45(5)
However, subsection (4) does not apply in circumstances covered by section 115-50 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.