140‑25 Pre‑mining royalty credits140‑25 Pre‑mining royalty credits

#### 140‑25 Pre‑mining royalty credits (1) If an \*entity that \*held the \*pre‑mining project interest at any time incurred a liability that would, to any extent, have given rise, under section 60‑20, to a \*royalty credit if: (a) the pre‑mining project interest were a mining project interest that the entity had; and (b) the \*exploration right to which the pre‑mining project interest relates were a \*production right to which the mining project interest relates; and (c) in a case where the entity is not a miner—the entity were a miner; treat the liability, to that extent, as giving rise to a royalty credit for the pre‑mining project interest. (2) Work out the amount of the \*royalty credit under Division 60 as if: (a) the \*pre‑mining project interest were a mining project interest that the \*entity had; and (b) in a case where the entity is not a miner—the entity were a miner. > Note: Recoupment of amounts of pre‑mining royalty credits may give rise to an excess royalty recoupment mentioned in subsection 60‑30(2) that would be included in the entity’s pre‑mining revenue because of subsection 70‑40(2). (3) The \*royalty credit arises at the time the \*entity incurs the liability, and relates to the \*MRRT year in which it arises. (4) To avoid doubt, a \*royalty credit that arises for the \*pre‑mining project interest for the \*MRRT year cannot be applied in working out a \*transferred royalty allowance for a mining project interest for any MRRT year.