MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
A pre-mining loss cap arises for a mining project interest or a * pre-mining project interest if:
(a) an * entity starts to have the interest, other than:
(i) because the interest came into existence; or
(ii) because of the operation of section 215-20 , 215-25 or 215-30 (interests joining or leaving a consolidated group); or
(b) the entity that has the interest:
(i) joins or leaves a * consolidatable group ; or
(ii) would join or leave a consolidatable group if the requirements in column 3 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 (Australian residence requirements) for an entity to be a * head company or * subsidiary member of a consolidatable group were disregarded.
The amount of the * pre-mining loss cap for a mining project interest or * pre-mining project interest is worked out by dividing by the * MRRT rate :
(a) if paragraph (1)(a) applies - the amount paid or payable by the * entity for starting to have the interest; or
(b) if paragraph (1)(b) applies - so much of the amount paid or payable for the joining or leaving as is reasonably attributable to the interest.
However, if a mining project interest or * pre-mining project interest would, apart from this subsection, have more than one * pre-mining loss cap , the pre-mining loss cap for the interest is the one that arises last.
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