MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 3 - MRRT ALLOWANCES  

PART 3-6 - TRANSFERRED PRE-MINING LOSS ALLOWANCES  

Division 95 - Transferred pre-mining loss allowances  

Operative provisions  

SECTION 95-20   AVAILABLE PRE-MINING LOSSES FOR A TRANSFERRED PRE-MINING LOSS ALLOWANCE  

95-20(1)  
A * pre-mining loss can be applied in working out a * transferred pre-mining loss allowance for the mining project interest (the receiving interest ) for the year in the circumstances set out in subsection (2) or (3) .

Note:

Once a pre-mining loss has been fully applied, it ceases to be a pre-mining loss (see subsection 70-30(2) ), and therefore cannot be applied in working out a transferred pre-mining loss allowance.

Pre-mining project interest in force

95-20(2)  
The * pre-mining loss can be applied if:


(a) the * entity that * holds the * pre-mining project interest (the loss project interest ) to which the pre-mining loss relates is:


(i) the miner; or

(ii) another entity that is * closely associated with the miner at the end of the year; and


(b) either:


(i) both the receiving interest and the loss project interest relate to iron ore; or

(ii) both the receiving interest and the loss project interest do not relate to iron ore.
Pre-mining project interest replaced by a different mining project interest

95-20(3)  
The * pre-mining loss can be applied if:


(a) a mining project interest * originates from the * pre-mining project interest to which the pre-mining loss relates; and


(b) the * entity that has that mining project interest (also the loss project interest ) is:


(i) the miner; or

(ii) another entity that is * closely associated with the miner at the end of the year; and


(c) either:


(i) both the receiving interest and the loss project interest relate to iron ore; or

(ii) both the receiving interest and the loss project interest do not relate to iron ore.
Competing applications of a pre-mining loss

95-20(4)  
Despite subsections (2) and (3) , the * pre-mining loss cannot be applied to the extent that it is applied in working out, for the year:


(a) a * pre-mining loss allowance ; or


(b) a * transferred pre-mining loss allowance ;

for another mining project interest.

Meaning of closely associated

95-20(5)  
A miner is closely associated with another * entity at a time if, at that time, they:


(a) are both * members of the same * consolidatable group ; or


(b) would both be members of the same consolidatable group if the otherwise applicable requirements in column 3 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 (Australian residence requirements) were disregarded.

Note:

The members of a consolidated group are closely associated, since a consolidatable group continues to exist even after the day on and after which the consolidatable group is taken to be consolidated.




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