MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-1 - MINING PROJECT INTERESTS  

Division 115 - Combining mining project interests  

Subdivision 115-B - When mining project interests are combined  

SECTION 115-15   CHOOSING TO OVERRIDE NON-COMPLIANCE  

115-15(1)    
The fact that:

(a) a * royalty credit relating to a constituent interest does not comply with section 115-20 ; or

(b) an existing pre-mining loss relating to a constituent interest does not comply with section 115-25 ; or

(c) an existing mining loss relating to a constituent interest does not comply with section 115-30; or

(d) a * starting base loss , or * starting base asset does not comply with section 115-35 ;

does not prevent section 115-10 applying to the constituent interest if the miner who has the constituent interest chooses to have the constituent interest treated as part of the combined interest despite the non-compliance.

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.

115-15(2)    
If the miner makes that choice:

(a) any such * royalty credit , existing pre-mining loss, existing mining loss or * starting base loss is extinguished; and

(b) the starting base loss for the combined interest for an * MRRT year is reduced by the amount of any declines in value, for the year, of * starting base assets that:

(i) relate to a constituent interest; and

(ii) do not comply with section 115-35 .

115-15(3)    
However, if:

(a) an existing pre-mining loss does not comply with section 115-25 because section 95-25 or 115-55 partly prevents the existing pre-mining loss from being applied in working out a * transferred pre-mining loss allowance; and

(b) there is no other reason why the loss does not comply with section 115-25 ;

the loss is extinguished under paragraph (2)(a) only to the extent that section 95-25 or 115-55 prevents the existing pre-mining loss from being so applied.