MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 3
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MRRT ALLOWANCES
PART 3-6
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TRANSFERRED PRE-MINING LOSS ALLOWANCES
Division 95
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Transferred pre-mining loss allowances
Operative provisions
SECTION 95-15
THE AMOUNT OF A TRANSFERRED PRE-MINING LOSS ALLOWANCE
95-15(1)
The amount of the miner ' s * transferred pre-mining loss allowance is so much of the sum of the available pre-mining losses as does not exceed the remaining profit.
95-15(2)
In working out the amount of a * transferred pre-mining loss allowance , * pre-mining losses are applied in the order in which they arise, but the miner may choose the order in which to apply pre-mining losses that arise at the same time.
The amount of the miner ' s * transferred pre-mining loss allowance is so much of the sum of the available pre-mining losses as does not exceed the remaining profit.
95-15(2)
In working out the amount of a * transferred pre-mining loss allowance , * pre-mining losses are applied in the order in which they arise, but the miner may choose the order in which to apply pre-mining losses that arise at the same time.
Note:
Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.
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