MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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
Guide to Division 70
SECTION 70-1
WHAT THIS DIVISION IS ABOUT
Pre-mining loss allowances enable expenditure (such as exploration expenditure) incurred during the period before a mining project interest comes into existence to reduce a miner ' s MRRT liability for a mining project interest for an MRRT year.
Pre-mining losses that are unapplied at the end of the MRRT year in which they arise are uplifted and may be able to be applied in later years.
Note:
Pre-mining losses that are not applied to a pre-mining loss allowance may be applied to transferred pre-mining loss allowances for other mining project interests (see Division 95 ).
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