MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]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-B - 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 .

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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