140‑20 Treatment of pre‑mining profits—m140‑20 Treatment of pre‑mining profits—mining project interest originating from the pre‑mining project interest

140‑20 Treatment of pre‑mining profits—mining project interest originating from the pre‑mining project interest

If the *entity has a mining project interest that *originates, during an *MRRT year, from a *pre‑mining project interest for which the entity has a *pre‑mining profit for the MRRT year: (a) the pre‑mining profit is included in the entity’s *mining revenue of the mining project interest for the MRRT year; and (b) section 140‑10 does not apply.

Note: Example: A miner holds a pre‑mining project interest that, in the 2015‑16 MRRT year has a pre‑mining profit of $10 million. During the MRRT year, a mining project interest originates from the pre‑mining project interest. The mining revenue and mining expenditure for the mining project interest are $60 million and $100 million respectively.

Note: Under section 75‑20, the miner’s mining loss for the mining project interest for the MRRT year is:

Note: Image unavailable in extracted text