MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
Work out a miner ' s mining profit for a mining project interest for an * MRRT year as follows:
Mining profit = Mining revenue − Mining expenditure
Method statementStep 1.
Work out the miner
'
s
*
mining revenue
for the mining project interest for the
*
MRRT year
.
Note:
For the mining revenue , see Division 30 .
Step 2.
Work out the miner
'
s
*
mining expenditure
for the mining project interest for the
*
MRRT year
.
Note:
For the mining expenditure , see Division 35 .
Step 3.
If the * mining revenue exceeds the * mining expenditure , the difference is the miner ' s mining profit for the mining project interest for the * MRRT year .
Step 4.
If the
*
mining revenue
does not exceed the
*
mining expenditure
, the miner
'
s
mining profit
for the mining project interest for the
*
MRRT year
is zero.
Note:
Mining expenditure that exceeds mining revenue is a mining loss that may be applied in working out a mining loss allowance (see Part 3-4 ) or a transferred mining loss allowance (see Part 3-7 ).
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