MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-3 - PRE-MINING LOSS ALLOWANCES  

Division 70 - Pre-mining loss allowances  

Subdivision 70-C - Pre-mining losses  

SECTION 70-30   PRE-MINING LOSSES  

70-30(1)    
A pre-mining loss arises for an * MRRT year if:

(a) during the year, an * entity * holds a * pre-mining project interest ; and

(b) the entity ' s * pre-mining expenditure for the interest for the year exceeds the entity ' s * pre-mining revenue for the interest for the year.

70-30(2)    
The pre-mining loss ceases to be a pre-mining loss if it has been fully applied in working out any of the following:

(a) a * pre-mining loss allowance for a mining project interest that * originates from the * pre-mining project interest ;

(b) * transferred pre-mining loss allowances for other mining project interests.