130‑15 Extinguishing allowance component130‑15 Extinguishing allowance components

#### 130‑15 Extinguishing allowance components If the \*suspension day for a mining project interest happens in a particular \*MRRT year (the suspension year), an \*allowance component relating to the mining project interest: (a) is extinguished if it relates to the suspension year or an earlier MRRT year, except to the extent that it is applied in working out, for the suspension year, an \*MRRT allowance for that mining project interest or any other mining project interest; and (b) is extinguished if it relates to a later MRRT year, except to the extent that it is applied in working out, for that later MRRT year, an MRRT allowance for that mining project interest or any other mining project interest. > Note: Example: The suspension day for a mining project interest happens in the 2015‑16 year. For that year, the mining profit for the mining project interest is $15 million, and there is a royalty credit of $5 million. From the previous year, the only allowance component is a mining loss that, in the 2015‑16 year, is $12 million. > Note: The royalty credit is applied as a royalty allowance of $5 million to reduce the mining profit, and is not extinguished under this section. > Note: The mining loss from the previous year is applied as a mining loss allowance of $10 million, but the remaining $2 million of the mining loss is extinguished under this section (unless it can be used as a transferred mining loss allowance, relating to the suspension year, for another mining project interest).