70‑10 When a miner has a pre‑mining loss70‑10 When a miner has a pre‑mining loss allowance

70‑10 When a miner has a pre‑mining loss allowance

A miner has a pre‑mining loss allowance for a mining project interest for an *MRRT year if: (a) there is an amount (a remaining profit) by which the miner’s *mining profit for the interest for the year exceeds the sum of all the *higher ranking allowances (if any) that the miner has for the interest for the year; and (b) there are one or more *pre‑mining losses (available pre‑mining losses) that, under section 70‑20, can be applied in working out a pre‑mining loss allowance for the interest for the year.