115‑45 Allowance components arising in p115‑45 Allowance components arising in preceding MRRT years

#### 115‑45 Allowance components arising in preceding MRRT years Royalty credits (1) Any \*royalty credit for a constituent interest for an \*MRRT year preceding the combining year is taken to be a royalty credit for the combined interest for that year. Pre‑mining losses (2) If, for an \*MRRT year preceding the combining year, there is a \*pre‑mining loss for at least one of the constituent interests: (a) all of the pre‑mining losses for the constituent interests for the year are taken to be a single pre‑mining loss for the combined interest for that MRRT year; and (b) the amount of the single pre‑mining loss is taken to be the sum of those pre‑mining losses. Mining losses (3) If, for an \*MRRT year preceding the combining year, there is a \*mining loss for at least one of the constituent interests: (a) all of the mining losses for the constituent interests for the year are taken to be a single mining loss for the combined interest for that MRRT year; and (b) the amount of the single mining loss is taken to be the sum of those mining losses. Starting base losses (4) If, for an \*MRRT year preceding the combining year, there is a \*starting base loss for at least one of the constituent interests: (a) all of the starting base losses for the constituent interests for the year are taken to be a single starting base loss for the combined interest for that MRRT year; and (b) the amount of the single starting base loss is taken to be the sum of those starting base losses. (5) However, subsection (4) does not apply in circumstances covered by section 115‑50.