Minerals Resource Rent Tax Act 2012
115‑10 Mining project interests may be t115‑10 Mining project interests may be treated as the same mining project interest
Start here
Get a plain-English read of 115‑10 Mining project interests may be t
Turn the raw legal text into a practical explanation grounded in Minerals Resource Rent Tax Act 2012.
115‑10 Mining project interests may be treated as the same mining project interest
(1) For the purposes of the *MRRT law (other than this Division and Division 255), 2 or more mining project interests (constituent interests) are taken to be the same mining project interest (the combined interest) from a particular time (the combining time) during an *MRRT year if: (a) each of the constituent interests is *integrated with each of the other constituent interests; and (b) each *royalty credit relating to any of the constituent interests complies with section 115‑20; and (c) each amount (an existing pre‑mining loss) that: (i) is a *pre‑mining loss relating to any of the constituent interests; or (ii) if the MRRT year were to end at the combining time, would be a pre‑mining loss relating to any of the constituent interests; complies with section 115‑25; and (d) each amount (an existing mining loss) that: (i) is a *mining loss relating to any of the constituent interests; or (ii) if the MRRT year were to end at the combining time, would be a mining loss relating to any of the constituent interests; complies with section 115‑30; and (e) each *starting base loss, or *starting base asset that has a *base value greater than zero, relating to any of the constituent interests complies with section 115‑35.
Note: For when interests are integrated, see Division 255.
(2) Any of the constituent interests may be mining project interests to which this section has already applied. (3) However, if the *suspension day for a mining project interest has happened, the mining project interest cannot be a constituent interest.