MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
A * mining loss can be applied in working out a * transferred mining loss allowance for a mining project interest (the receiving interest ) for an * MRRT year (the transfer year ) if:
(a) the condition in section 100-25 (common ownership test) is met; and
(b) the mining loss does not relate to an MRRT year for which the alternative valuation method under Division 175 was chosen in relation to the mining project interest for which the mining loss arises (the loss project interest ); and
(c) either:
(i) both the loss project interest and the receiving interest relate to iron ore; or
(ii) both the loss project interest and the receiving interest do not relate to iron ore.
100-20(2)
Despite subsection (1) , the * mining loss cannot be applied to the extent it is applied in working out:
(a) a * mining loss allowance ; or
(b) a * transferred mining loss allowance ;
for another mining project interest for the year.
Note:
Section 115-60 sets out further restrictions on applying mining losses if a mining project interest is a combined interest under Division 115 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
