INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision B - Division 10 and related provisions  

SECTION 159GZZO  

159GZZO   ELIGIBLE GOLD MINING EXPENDITURE - MODIFIED APPLICATION OF SECTION 122K  
Where, apart from this section:

(a) subsection 122K(2) , in its application in accordance with this Subdivision, would require an amount to be included in the assessable income of a taxpayer of a year of income after the changeover year; or

(b) subsection 122K(3) , in its application in accordance with this Subdivision, would require an amount to be allowable as a deduction to a taxpayer in relation to a year of income after the changeover year;

being an amount to the extent to which it is attributable to eligible gold mining expenditure of the taxpayer, then there shall be included or allowable only such proportion of that amount as is ascertained in accordance with the formula:

Actual deductions                                         Actual deductions + Notional deductions

where:

Actual deductions is the sum of all actual deductions of the taxpayer in relation to the expenditure;

Notional deductions is the sum of all notional deductions of the taxpayer in relation to the expenditure.