75‑20 Mining losses75‑20 Mining losses

75‑20 Mining losses

(1) A mining loss arises for a mining project interest for an *MRRT year if the *mining expenditure for the interest for the year exceeds the *mining revenue for the interest for the year. (2) In that year, the amount of the *mining loss is the amount of the excess. (3) In a later *MRRT year, the amount of the *mining loss is: Image unavailable in extracted text where:

previous amount of the loss is the amount of the *mining loss for the preceding *MRRT year.

previous application of the loss is the sum of the parts (if any) of the *mining loss that have been applied in working out, for the preceding *MRRT year, any of the following:

(a) a \*mining loss allowance for the mining project interest;
(b) one or more \*transferred mining loss allowances for other mining project interests.

uplift factor is:

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(4) The *mining loss ceases to be a mining loss if it has been fully applied in working out any of the following: (a) a *mining loss allowance for the mining project interest; (b) *transferred mining loss allowances for other mining project interests.