MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 3
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MRRT ALLOWANCES
PART 3-3
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PRE-MINING LOSS ALLOWANCES
Division 70
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Pre-mining loss allowances
Subdivision 70-B
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When a miner has a pre-mining loss allowance
SECTION 70-25
MEANING OF
PRE-MINING PROJECT INTEREST
ETC.
70-25(1)
A pre-mining project interest is an interest in an * exploration right . 70-25(2)
However, if the * exploration right relates both to iron ore and to other kinds of * taxable resources , treat the * pre-mining project interest as:
(a) a pre-mining project interest relating to iron ore; and
(b) another pre-mining project interest relating to those other kinds of taxable resources. 70-25(3)
An exploration right is an authority or right (however described) under an * Australian law for a purpose (other than an incidental purpose) of * exploration or prospecting for * taxable resources in a particular area in * Australia .
(a) a mineral development licence;
(b) a retention lease;
(c) an exploration permit. 70-25(4)
The project area for a * pre-mining project interest is the area in * Australia covered by the * exploration right to which the pre-mining project interest relates.
A pre-mining project interest is an interest in an * exploration right . 70-25(2)
However, if the * exploration right relates both to iron ore and to other kinds of * taxable resources , treat the * pre-mining project interest as:
(a) a pre-mining project interest relating to iron ore; and
(b) another pre-mining project interest relating to those other kinds of taxable resources. 70-25(3)
An exploration right is an authority or right (however described) under an * Australian law for a purpose (other than an incidental purpose) of * exploration or prospecting for * taxable resources in a particular area in * Australia .
Examples:The following are some examples of an exploration right:
(a) a mineral development licence;
(b) a retention lease;
(c) an exploration permit. 70-25(4)
The project area for a * pre-mining project interest is the area in * Australia covered by the * exploration right to which the pre-mining project interest relates.
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