115‑15 Choosing to override non‑complian115‑15 Choosing to override non‑compliance

#### 115‑15 Choosing to override non‑compliance (1) The fact that: (a) a \*royalty credit relating to a constituent interest does not comply with section 115‑20; or (b) an existing pre‑mining loss relating to a constituent interest does not comply with section 115‑25; or (c) an existing mining loss relating to a constituent interest does not comply with section 115‑30; or (d) a \*starting base loss, or \*starting base asset does not comply with section 115‑35; does not prevent section 115‑10 applying to the constituent interest if the miner who has the constituent interest chooses to have the constituent interest treated as part of the combined interest despite the non‑compliance. > Note: Division 119 in Schedule 1 to the Taxation Administration Act 1953 is about choices under the MRRT law. (2) If the miner makes that choice: (a) any such \*royalty credit, existing pre‑mining loss, existing mining loss or \*starting base loss is extinguished; and (b) the starting base loss for the combined interest for an \*MRRT year is reduced by the amount of any declines in value, for the year, of \*starting base assets that: (i) relate to a constituent interest; and (ii) do not comply with section 115‑35. (3) However, if: (a) an existing pre‑mining loss does not comply with section 115‑25 because section 95‑25 or 115‑55 partly prevents the existing pre‑mining loss from being applied in working out a \*transferred pre‑mining loss allowance; and (b) there is no other reason why the loss does not comply with section 115‑25; the loss is extinguished under paragraph (2)(a) only to the extent that section 95‑25 or 115‑55 prevents the existing pre‑mining loss from being so applied.