70‑20 Available pre‑mining losses for a 70‑20 Available pre‑mining losses for a pre‑mining loss allowance

70‑20 Available pre‑mining losses for a pre‑mining loss allowance

(1) A *pre‑mining loss can be applied in working out a *pre‑mining loss allowance for the mining project interest for the year if the mining project interest *originates from the *pre‑mining project interest to which the pre‑mining loss relates.

Note: Once a pre‑mining loss has been fully applied, it ceases to be a pre‑mining loss (see subsection 70‑30(2)), and therefore cannot be applied in working out a pre‑mining loss allowance.

(2) A mining project interest originates from a *pre‑mining project interest if: (a) the *termination day for the pre‑mining project interest happened; or (b) the pre‑mining project interest ceased to apply to the *project area, or a part of the project area, for the mining project interest; because the mining project interest started to apply to the project area, or a part of the project area, for the pre‑mining project interest.

Note: A mining project interest may originate from more than one pre‑mining project interest.