165‑25 The effect of starting base adjus165‑25 The effect of starting base adjustments on starting base losses

165‑25 The effect of starting base adjustments on starting base losses

Positive starting base adjustments (1) If: (a) there is a *starting base adjustment, for a mining project interest for an *MRRT year, that is a positive amount; and (b) there is a *starting base loss for the mining project interest for the MRRT year; the starting base loss is increased by the starting base adjustment. (2) If: (a) there is a *starting base adjustment, for a mining project interest for an *MRRT year, that is a positive amount; and (b) there is (apart from this subsection) no *starting base loss for the mining project interest for the MRRT year; there is taken to be such a starting base loss equal to the starting base adjustment. Negative starting base adjustments (3) If: (a) there is a *starting base adjustment, for a mining project interest for an *MRRT year, that is a negative amount; and (b) there are one or more *starting base losses for the mining project interest; the starting base loss, or one or more of the starting base losses, are reduced by the starting base adjustment (expressed as a positive amount). (4) If there is more than one *starting base loss, the starting base adjustment is applied to reduce the starting base losses in the order in which they arose.

Note: The amount by which that starting base adjustment exceeds all the starting base losses is included in mining revenue under subsection 165‑30(2).