Tax Laws Amendment (2012 Measures No. 6) Act 2013 (84 of 2013)

Schedule 3   Geothermal energy

Income Tax Assessment Act 1997

25   At the end of Subdivision 112-A


112-38 Geothermal extraction rights

The first element of the *cost base and *reduced cost base of a *geothermal energy extraction right is nil if:

(a) you *acquire the right because you *held a *geothermal exploration right; and

(b) you stopped holding the geothermal exploration right because you acquired the geothermal energy extraction right; and

(c) the area the geothermal energy extraction right relates to is the same as, or not significantly different from, the area the geothermal exploration right related to.