MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 70-20   AVAILABLE PRE-MINING LOSSES FOR A PRE-MINING LOSS ALLOWANCE  

70-20(1)    
A * pre-mining loss can be applied in working out a * pre-mining loss allowance for the mining project interest for the year if the mining project interest * originates from the * pre-mining project interest to which the pre-mining loss relates.

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 pre-mining loss allowance.

70-20(2)    
A mining project interest originates from a * pre-mining project interest if:

(a) the * termination day for the pre-mining project interest happened; or

(b) the pre-mining project interest ceased to apply to the * project area , or a part of the project area, for the mining project interest;

because the mining project interest started to apply to the project area, or a part of the project area, for the pre-mining project interest.

Note:

A mining project interest may originate from more than one pre-mining project interest.