Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (96 of 2014)

Schedule 5   Geothermal energy

Income Tax Assessment Act 1997

39   Application and saving provisions

(1) The amendments of sections 40-30, 40-80 and 40-290 of the Income Tax Assessment Act 1997 by this Schedule do not affect deductions or balancing adjustments for geothermal exploration rights or geothermal exploration information that started to be held before the income year in which this Schedule commences.

(2) The amendments of sections 40-630 and 40-650 of the Income Tax Assessment Act 1997, and the repeal of subsection 40-730(2A) of that Act, by this Schedule apply to expenditure incurred during the income year in which this Schedule commences or a later income year.

(3) The amendments by this Schedule affecting sections 112-38 and 124-710 of the Income Tax Assessment Act 1997 apply in relation to authorities, licences, permits and entitlements held during the income year in which this Schedule commences or a later income year.