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.