Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Minerals Resource Rent Tax Act 2012

51   Subsection 165-15(2) (definition of sum of reductions )

Repeal the definition, substitute:

sum of reductions is the sum of:

(a) any reductions to a *starting base loss relating to the *starting base asset, for that *MRRT year or an earlier MRRT year, under subsection 80-40(3) or (4); and

(b) any reductions to a starting base loss relating to the asset, for that MRRT year or an earlier MRRT year, under paragraph 115-15(2)(b); and

(c) any starting base losses, for that MRRT year or an earlier MRRT year, that paragraph 115-15(2)(a), 130-15(a) or (b) or 200-5(b) extinguished, or paragraph 200-5(c) prevented from arising, to the extent that they related (or would have related) to the asset.