MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-3 - PRE-MINING LOSS ALLOWANCES  

Division 70 - Pre-mining loss allowances  

Subdivision 70-B - When a miner has a pre-mining loss allowance  

SECTION 70-10  

70-10   WHEN A MINER HAS A PRE-MINING LOSS ALLOWANCE  
A miner has a pre-mining loss allowance for a mining project interest for an * MRRT year if:

(a) there is an amount (a remaining profit ) by which the miner ' s * mining profit for the interest for the year exceeds the sum of all the * higher ranking allowances (if any) that the miner has for the interest for the year; and

(b) there are one or more * pre-mining losses ( available pre-mining losses ) that, under section 70-20 , can be applied in working out a pre-mining loss allowance for the interest for the year.