MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 95-30   THE PRE-MINING LOSS CAP  

95-30(1)    
A pre-mining loss cap arises for a mining project interest or a * pre-mining project interest if:

(a) an * entity starts to have the interest, other than:

(i) because the interest came into existence; or

(ii) because of the operation of section 215-20 , 215-25 or 215-30 (interests joining or leaving a consolidated group); or

(b) the entity that has the interest:

(i) joins or leaves a * consolidatable group ; or

(ii) would join or leave a consolidatable group if the requirements in column 3 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 (Australian residence requirements) for an entity to be a * head company or * subsidiary member of a consolidatable group were disregarded.

95-30(2)    
The amount of the * pre-mining loss cap for a mining project interest or * pre-mining project interest is worked out by dividing by the * MRRT rate :

(a) if paragraph (1)(a) applies - the amount paid or payable by the * entity for starting to have the interest; or

(b) if paragraph (1)(b) applies - so much of the amount paid or payable for the joining or leaving as is reasonably attributable to the interest.

95-30(3)    
However, if a mining project interest or * pre-mining project interest would, apart from this subsection, have more than one * pre-mining loss cap , the pre-mining loss cap for the interest is the one that arises last.