Minerals Resource Rent Tax Act 2012
25‑5 How to work out the mining profit f25‑5 How to work out the mining profit for a mining project interest
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25‑5 How to work out the mining profit for a mining project interest
Work out a miner’s mining profit for a mining project interest for an *MRRT year as follows: Image unavailable in extracted text
Method statement
Step 1. Work out the miner’s *mining revenue for the mining project interest for the *MRRT year.
Note: For the mining revenue, see Division 30.
Step 2. Work out the miner’s *mining expenditure for the mining project interest for the *MRRT year.
Note: For the mining expenditure, see Division 35.
Step 3. If the *mining revenue exceeds the *mining expenditure, the difference is the miner’s mining profit for the mining project interest for the *MRRT year.
Step 4. If the *mining revenue does not exceed the *mining expenditure, the miner’s mining profit for the mining project interest for the *MRRT year is zero.
Note: Mining expenditure that exceeds mining revenue is a mining loss that may be applied in working out a mining loss allowance (see Part 3‑4) or a transferred mining loss allowance (see Part 3‑7).