MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-6 - TRANSFERRED PRE-MINING LOSS ALLOWANCES  

Division 95 - Transferred pre-mining loss allowances  

Operative provisions  

SECTION 95-20   AVAILABLE PRE-MINING LOSSES FOR A TRANSFERRED PRE-MINING LOSS ALLOWANCE  

95-20(1)    
A * pre-mining loss can be applied in working out a * transferred pre-mining loss allowance for the mining project interest (the receiving interest ) for the year in the circumstances set out in subsection (2) or (3) .

Note:

Once a pre-mining loss has been fully applied, it ceases to be a pre-mining loss (see subsection 70-30(2) ), and therefore cannot be applied in working out a transferred pre-mining loss allowance.

Pre-mining project interest in force

95-20(2)    
The * pre-mining loss can be applied if:

(a) the * entity that * holds the * pre-mining project interest (the loss project interest ) to which the pre-mining loss relates is:

(i) the miner; or

(ii) another entity that is * closely associated with the miner at the end of the year; and

(b) either:

(i) both the receiving interest and the loss project interest relate to iron ore; or

(ii) both the receiving interest and the loss project interest do not relate to iron ore.

Pre-mining project interest replaced by a different mining project interest

95-20(3)    
The * pre-mining loss can be applied if:

(a) a mining project interest * originates from the * pre-mining project interest to which the pre-mining loss relates; and

(b) the * entity that has that mining project interest (also the loss project interest ) is:

(i) the miner; or

(ii) another entity that is * closely associated with the miner at the end of the year; and

(c) either:

(i) both the receiving interest and the loss project interest relate to iron ore; or

(ii) both the receiving interest and the loss project interest do not relate to iron ore.

Competing applications of a pre-mining loss

95-20(4)    
Despite subsections (2) and (3) , the * pre-mining loss cannot be applied to the extent that it is applied in working out, for the year:

(a) a * pre-mining loss allowance ; or

(b) a * transferred pre-mining loss allowance ;

for another mining project interest.

Meaning of closely associated

95-20(5)    
A miner is closely associated with another * entity at a time if, at that time, they:

(a) are both * members of the same * consolidatable group ; or

(b) would both be members of the same consolidatable group if the otherwise applicable requirements in column 3 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 (Australian residence requirements) were disregarded.

Note:

The members of a consolidated group are closely associated, since a consolidatable group continues to exist even after the day on and after which the consolidatable group is taken to be consolidated.