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 159GZZT   ELIGIBLE GOLD EXPLORATION OR PROSPECTING EXPENDITURE - MODIFIED APPLICATION OF SECTIONS 79E, 80 AND 80G  

159GZZT(1)   [Transfer of tax loss]  

A company cannot transfer under Subdivision 170-A of the Income Tax Assessment Act 1997 so much of a tax loss as is attributable to an amount of deemed gold exploration or prospecting expenditure unless that company, and the income company referred to in that Subdivision, were members of the same wholly-owned group (within the meaning of that Act) during the whole or part of each of the following years of income when the companies were in existence:

(a) the year of income in which the eligible gold exploration or prospecting expenditure that gave rise to that deemed gold exploration or prospecting expenditure was incurred;

(b) each later year of income before the loss year referred to in that Subdivision.

159GZZT(2)   [Where sec 79E(12) and 80(3) applies]  

For the purposes of the application of the definition of ``net exempt income'' in subsection 79E(12) or 80(3) in relation to the changeover year and any preceding year of income, any eligible gold exploration or prospecting expenditure incurred in deriving the exempt income referred to in that definition shall be disregarded.