MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 95-30   THE PRE-MINING LOSS CAP  

95-30(1)    
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.

95-30(2)    
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.


95-30(3)    
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.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.