MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
Despite section 95-20 , a * pre-mining loss that could otherwise be applied in working out a * transferred pre-mining loss allowance cannot be applied under that section, to the extent the application of the loss would result in:
(a) pre-mining losses that count towards the loss project interest ' s * pre-mining loss cap exceeding that cap; or
(b) pre-mining losses that count towards the receiving interest ' s pre-mining loss cap exceeding that cap.
View history note
Hide history note95-25(2)
A * pre-mining loss that has been, or is to be, applied in working out a * transferred pre-mining loss allowance counts towards the * pre-mining loss cap of an interest if:
(a) the interest is the loss project interest or receiving interest for that application of the loss; and
(b) the common ownership test in subsection (3) is not met for that application of the loss; and
(c) the pre-mining loss arose in the * MRRT year in which the interest ' s pre-mining loss cap arose (the cap year ), or an earlier year; and
(d) the transferred pre-mining loss allowance is for the cap year, or a later year.
Common ownership test for transfer of pre-mining losses
95-25(3)
The common ownership test is met for a * pre-mining loss that is to be applied in working out a * transferred pre-mining loss allowance if the * entity that has the loss project interest is the same as, or * closely associated with, the entity that has the receiving interest, at all times in the period:
(a) starting at the start of the * MRRT year for which the loss arises; and
(b) ending at the end of the MRRT year for which the loss is to be applied.
Note 1:
It is not a requirement that the same entity has an interest at all times in the period mentioned.
Note 2:
Section 115-55 sets out further restrictions on applying pre-mining losses if a mining project interest is a combined interest under Division 115 .
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