MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-3 - ADJUSTING MRRT LIABILITIES  

Division 165 - Starting base adjustments  

Subdivision 165-B - General rules for starting base adjustments  

SECTION 165-25   THE EFFECT OF STARTING BASE ADJUSTMENTS ON STARTING BASE LOSSES  
Positive starting base adjustments

165-25(1)    
If:

(a) there is a * starting base adjustment , for a mining project interest for an * MRRT year , that is a positive amount; and

(b) there is a * starting base loss for the mining project interest for the MRRT year;

the starting base loss is increased by the starting base adjustment.

165-25(2)    
If:

(a) there is a * starting base adjustment , for a mining project interest for an * MRRT year , that is a positive amount; and

(b) there is (apart from this subsection) no * starting base loss for the mining project interest for the MRRT year;

there is taken to be such a starting base loss equal to the starting base adjustment.

Negative starting base adjustments

165-25(3)    
If:

(a) there is a * starting base adjustment , for a mining project interest for an * MRRT year , that is a negative amount; and

(b) there are one or more * starting base losses for the mining project interest;

the starting base loss, or one or more of the starting base losses, are reduced by the starting base adjustment (expressed as a positive amount).

165-25(4)    
If there is more than one * starting base loss , the starting base adjustment is applied to reduce the starting base losses in the order in which they arose.

Note:

The amount by which that starting base adjustment exceeds all the starting base losses is included in mining revenue under subsection 165-30(2) .