We've released updates to 3 guidance products relating to mining and petroleum exploration expenditure and farm-out arrangements.
We published a decision impact statement on Commissioner of Taxation v Shell Energy Holdings Australia Limited on 31 January 2023. As recent legislative amendments have already addressed several issues that we received comments about, we're not making any changes to the previously published decision impact statement. However, we've reflected the Commissioner’s view of the remaining issues arising from the Court’s decision by issuing:
- a draft update to TR 2017/1 to clarify our view on the ordinary meaning of ‘exploration or prospecting’ in the context of Division 40 of the ITAA 1997
- addenda to MT 2012/1 and MT 2012/2, to qualify that when a farmee commences to hold an interest in a mining tenement for the purposes of Division 40 needs to have regard to applicable provisions in the legislation governing the relevant mining, quarrying or prospecting rights.
We encourage you to review the updated guidance on our legal database to understand your obligations.
Open for consultation
The update to TR 2017/1 is available as a draft. It's open for comment until 6 February 2026. You can submit your feedback in respect of the updates we’ve made to TR 2017/1 by following the instructions in the draft update.
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