MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
The amount of the miner ' s * pre-mining loss allowance is so much of the sum of the available pre-mining losses as does not exceed the remaining profit.
A miner has, for a mining project interest for an MRRT year, a mining profit of $ 400 million, a royalty allowance of $ 200 million and a transferred royalty allowance of $ 100 million. The sum of the available pre-mining losses for the interest for the year is $ 20 million.
Under section 70-10 , the miner has a pre-mining loss allowance for the interest for the year because the mining profit exceeds the sum of the higher ranked allowances ( $ 300 million), giving the miner a remaining profit of $ 100 million.
Under this section, the amount of the pre-mining loss allowance is the sum of the available pre-mining losses ( $ 20 million), because that sum does not exceed the remaining profit.
In working out the amount of a * pre-mining loss allowance , * pre-mining losses are applied in the order in which they arise.
If an available pre-mining loss cannot be wholly applied in an MRRT year, the unapplied amount can be carried forward: see section 70-50 .