MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
A mining loss arises for a mining project interest for an * MRRT year if the * mining expenditure for the interest for the year exceeds the * mining revenue for the interest for the year.
75-20(2)
In that year, the amount of the * mining loss is the amount of the excess.
75-20(3)
In a later * MRRT year , the amount of the * mining loss is:
where:
previous amount of the loss
is the amount of the
*
mining loss
for the preceding
*
MRRT year
previous application of the loss
is the sum of the parts (if any) of the
*
mining loss
that have been applied in working out, for the preceding
*
MRRT year
, any of the following:
(a) a * mining loss allowance for the mining project interest;
(b) one or more * transferred mining loss allowances for other mining project interests.
* Long term bond rate for the preceding * MRRT year + 1.07
75-20(4)
The * mining loss ceases to be a mining loss if it has been fully applied in working out any of the following:
(a) a * mining loss allowance for the mining project interest;
(b) * transferred mining loss allowances for other mining project interests.
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