MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 115-60   TRANSFERRED MINING LOSS ALLOWANCES  

115-60(1)    
A * mining loss relating to a mining project interest other than the combined interest (or any of the constituent interests) cannot be applied in working out a * transferred mining loss allowance for the combined interest for an * MRRT year if:

(a) in relation to at least one of the constituent interests - subsection 100-20(1) (available mining losses) would not have allowed the loss to be applied in working out a transferred mining loss allowance for the constituent interest for the year (if the combined interest had not existed); and

(b) the loss arose in relation to an MRRT year preceding the combined interest coming into existence.

115-60(2)    
A * mining loss relating to the combined interest (or any of the constituent interests) cannot be applied in working out a * transferred mining loss allowance for another mining project interest for an * MRRT year if:

(a) in relation to at least one of the constituent interests - subsection 100-20(1) (available mining losses) would not have allowed the loss to be applied in working out a transferred mining loss allowance for the other mining project interest for the year if:

(i) the combined interest had not existed; and

(ii) the loss had related to the constituent interest; and

(b) the loss arose in relation to an MRRT year preceding the combined interest coming into existence.

115-60(3)    
This section has effect despite section 100-20 (available mining losses).