Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-L - Prospecting and mining entitlements  

Operative provisions

SECTION 124-710   Meaning of prospecting entitlement and mining entitlement  

124-710(1)  
A prospecting entitlement is:


(a) an authority, licence, permit or entitlement under an *Australian law or *foreign law to prospect or explore for *minerals in an area; or


(aa) an authority, licence, permit or entitlement under an Australian law to prospect or explore for *geothermal energy resources in an area; or


(b) a lease of land that allows the lessee to prospect or explore for minerals or geothermal energy resources on the land; or


(c) an interest in a thing referred to in paragraph (a), (aa) or (b).

124-710(2)  
A mining entitlement is:


(a) an authority, licence, permit or entitlement under an *Australian law or *foreign law to mine for *minerals in an area; or


(aa) an authority, licence, permit or entitlement under an Australian law to extract energy from *geothermal energy resources in an area; or


(b) a lease of land that allows the lessee to mine for minerals, or extract energy from geothermal energy resources, on the land; or


(c) an interest in a thing referred to in paragraph (a), (aa) or (b).


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