Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Minerals Resource Rent Tax Act 2012

33   Subsections 115-55(1) and (2)

Repeal the subsections, substitute:

(1) If:

(a) a *pre-mining loss relates to:

(i) a mining project interest other than the combined interest (or any of the constituent interests); or

(ii) a *pre-mining project interest; and

(b) the loss arose in relation to an *MRRT year preceding the combined interest coming into existence; and

(c) in relation to at least one of the constituent interests - section 95-25 (cap on available pre-mining losses) would have, to any extent, prevented the loss from being applied in working out a *transferred pre-mining loss allowance for the constituent interest for the year (if the combined interest had not existed);

the loss cannot be applied in working out a transferred pre-mining loss allowance for the combined interest for an MRRT year to the extent that that section would have prevented the loss from being so applied in working out transferred pre-mining loss allowances for all the constituent interests for the year (if the combined interest had not existed).

(2) If:

(a) a *pre-mining loss relates to the combined interest (or any of the constituent interests); and

(b) the loss arose in relation to an *MRRT year preceding the combined interest coming into existence; and

(c) in relation to at least one of the constituent interests - section 95-25 (cap on available pre-mining losses) would have, to any extent, prevented the loss from being applied in working out a *transferred pre-mining loss allowance for another mining project interest (other than the combined interest or any of the constituent interests) for the year if:

(i) the combined interest had not existed; and

(ii) the loss had related to the constituent interest;

the loss cannot be applied in working out a transferred pre-mining loss allowance for the other interest for an MRRT year to the extent that that section would have prevented the loss from being so applied in working out transferred pre-mining loss allowances for all the constituent interests for the year (if the combined interest had not existed).