150‑35 Pre‑mining project split when min150‑35 Pre‑mining project split when mining project interest originates

150‑35 Pre‑mining project split when mining project interest originates

(1) If, just after a mining project interest *originates from a *pre‑mining project interest, there are 2 or more interests (whether mining project interests or pre‑mining project interests) (the new interests) relating to the *project area for the pre‑mining project interest: (a) the origination is taken to be a *pre‑mining project split; and (b) for the purposes of paragraph (a), the *MRRT law applies: (i) in the same way in relation to each new interest (whether it is a pre‑mining project interest or a mining project interest) as it applies in relation to a pre‑mining project interest that exists after a pre‑mining project split; and (ii) in the same way in relation to each *entity that *holds a new interest as it applies in relation to an entity that holds a pre‑mining project interest after a pre‑mining project split. (2) 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.