115‑60 Transferred mining loss allowance115‑60 Transferred mining loss allowances

115‑60 Transferred mining loss allowances

(1) A *mining loss relating to a mining project interest other than the combined interest (or any of the constituent interests) cannot be applied in working out a *transferred mining loss allowance for the combined interest for an *MRRT year if: (a) in relation to at least one of the constituent interests—subsection 100‑20(1) (available mining losses) would not have allowed the loss to be applied in working out a transferred mining loss allowance for the constituent interest for the year (if the combined interest had not existed); and (b) the loss arose in relation to an MRRT year preceding the combined interest coming into existence. (2) A *mining loss relating to the combined interest (or any of the constituent interests) cannot be applied in working out a *transferred mining loss allowance for another mining project interest for an *MRRT year if: (a) in relation to at least one of the constituent interests—subsection 100‑20(1) (available mining losses) would not have allowed the loss to be applied in working out a transferred mining loss allowance for the other mining project interest for the year if: (i) the combined interest had not existed; and (ii) the loss had related to the constituent interest; and (b) the loss arose in relation to an MRRT year preceding the combined interest coming into existence. (3) This section has effect despite section 100‑20 (available mining losses).