Income Tax Assessment Act 1997
Note: A Commissioner ' s Remedial Power (CRP 2017/2) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Small Business Restructure Roll-over) Determination 2017 (F2017L01687) modifies the operation of s 40-340 of the Income Tax Assessment Act 1997 and any other provisions of a taxation law whose operation is affected by the modified operation of s 40-340 in relation to an asset transferred under a small business restructure roll-over (item 8 of the table in s 40-340(1) ).
The operation of the relevant provisions is modified as follows:
If s 40-340 of ITAA 1997 provides for rollover relief in relation to a disposal of a depreciating asset because the condition in item 8 of the table in s 40-340(1) of ITAA 1997 is satisfied in relation to the asset, that section has effect as if it also provided that the disposal of the asset has no direct consequences under the income tax law (other than Div 40 of ITAA 1997).
The modification applies in respect of transfers on or after 8 May 2018.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to the Taxation Administration Act 1953 to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
Any of the following are ancillary mining activities :
(a) preparing a site for you to carry on * mining and quarrying operations;
(b) providing water, light or power for, access to, or communications with, a site on which you carry on, or will carry on, mining and quarrying operations;
(c) * minerals treatment of * minerals or minerals treatment of quarry materials, obtained by you in carrying on mining and quarrying operations;
(d) storing (whether before or after minerals treatment) such minerals, *petroleum or quarry materials in relation to the operation of a * depreciating asset for use primarily and principally in treating such minerals or quarry materials;
(e) liquefying natural gas obtained from mining and quarrying operations you carry on.
A mining building site is a site, or a part of a site, where there are * depreciating assets that are or were necessary for you to carry on * mining and quarrying operations. However, a mining building site does not include anything covered by the definition of housing and welfare .