MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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-A - Object of this Division  

SECTION 70-5   70-5   OBJECTS OF THIS DIVISION  
The objects of this Division are:

(a) to recognise a miner ' s net expenditure (including exploration expenditure) incurred, before a * production right is granted, in identifying and evaluating whether * taxable resources could be extracted from an area; and

(b) to provide an uplift for unapplied * pre-mining losses , which compensates for:

(i) the delay where pre-mining losses are applied in a later year; and

(ii) the risk that pre-mining losses may not be able to be applied in a later year.