MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]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 70-40   MEANING OF PRE-MINING REVENUE  

70-40(1)  
An * entity ' s pre-mining revenue for a * pre-mining project interest that the entity * holds , for an * MRRT year , is the sum of all amounts that, under this Act, are included in the entity ' s pre-mining revenue for the interest for the year.

Note:

Most of the amounts are covered by this section. However, amounts arising as a result of adjustments to take account of changes in circumstances may also be included in an entity ' s pre-mining revenue (see Division 160 ).

70-40(2)  
An amount is included in the * entity ' s * pre-mining revenue for the * pre-mining project interest for the year if the amount would have been included in the entity ' s * mining revenue for a mining project interest that the entity had for the year if:


(a) to the extent that the amount related to the pre-mining project interest, it had related to the mining project interest; and


(b) to the extent that the amount related to * pre-mining expenditure for the pre-mining project interest, it had related to * mining expenditure for the mining project interest.

70-40(3)  
An amount that, under this section, is to be included in the * entity ' s pre-mining revenue does not include:


(a) any * GST payable on a * supply for which the amount is the consideration, or part of the consideration; or


(b) any * increasing adjustments that relate to such a supply.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.