70‑30 Pre‑mining losses70‑30 Pre‑mining losses

70‑30 Pre‑mining losses

(1) A pre‑mining loss arises for an *MRRT year if: (a) during the year, an *entity *holds a *pre‑mining project interest; and (b) the entity’s *pre‑mining expenditure for the interest for the year exceeds the entity’s *pre‑mining revenue for the interest for the year. (2) The pre‑mining loss ceases to be a pre‑mining loss if it has been fully applied in working out any of the following: (a) a *pre‑mining loss allowance for a mining project interest that *originates from the *pre‑mining project interest; (b) *transferred pre‑mining loss allowances for other mining project interests.