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MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-3 - PRE-MINING LOSS ALLOWANCES  

Division 70 - Pre-mining loss allowances  

Guide to Division 70  

SECTION 70-1   WHAT THIS DIVISION IS ABOUT  

Pre-mining loss allowances enable expenditure (such as exploration expenditure) incurred during the period before a mining project interest comes into existence to reduce a miner ' s MRRT liability for a mining project interest for an MRRT year.

Pre-mining losses that are unapplied at the end of the MRRT year in which they arise are uplifted and may be able to be applied in later years.

Note:

Pre-mining losses that are not applied to a pre-mining loss allowance may be applied to transferred pre-mining loss allowances for other mining project interests (see Division 95 ).

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