145‑30 Pre‑mining project transfer when 145‑30 Pre‑mining project transfer when mining project interest originates

145‑30 Pre‑mining project transfer when mining project interest originates

(1) If a single mining project interest *originates from a *pre‑mining project interest and relates to the whole of the *project area for the pre‑mining project interest: (a) the origination is taken to be a *pre‑mining project transfer; and (b) for the purposes of paragraph (a), the *MRRT law applies: (i) in the same way in relation to the mining project interest as it applies in relation to a pre‑mining project interest that exists after a pre‑mining project transfer; and (ii) in the same way in relation to the miner that has the mining project interest just after it so originates as it applies in relation to an *entity that *holds a pre‑mining project interest after a pre‑mining project transfer. (2) In applying this Division for the purposes of subsection (1), disregard subsection 145‑15(3). (3) If, because of the application of this Division, a mining project interest has, for the part of the *MRRT year before it *originates from a *pre‑mining project interest: (a) *pre‑mining revenue that exceeds *pre‑mining expenditure—the excess is treated as *pre‑mining profit of the pre‑mining project interest for the MRRT year; or (b) pre‑mining expenditure that exceeds pre‑mining revenue—the excess is treated as a *pre‑mining loss of the pre‑mining project interest for the MRRT year.

Note: For the treatment of pre‑mining profits, see section 140‑20. For the treatment of pre‑mining losses, see Divisions 70 and 95.