MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]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 95-15   THE AMOUNT OF A TRANSFERRED PRE-MINING LOSS ALLOWANCE  

95-15(1)  
The amount of the miner ' s * transferred pre-mining loss allowance is so much of the sum of the available pre-mining losses as does not exceed the remaining profit.

95-15(2)  
In working out the amount of a * transferred pre-mining loss allowance , * pre-mining losses are applied in the order in which they arise, but the miner may choose the order in which to apply pre-mining losses that arise at the same time.

Note:

Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law.


 

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