INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision D - Part IIIA  

SECTION 159GZZZBE   NOTIONAL DEDUCTIONS FOR SECTION 160ZK PURPOSES  

159GZZZBE(1)   [Eligible gold mining expenditure]  

Where a taxpayer has incurred any eligible gold mining expenditure, within the meaning of Subdivision B, in relation to an asset, then, for the purposes of any application of section 110-55 of the Income Tax Assessment Act 1997 (about reduced cost base) in relation to the post-changeover disposal:

(a) notional deductions, within the meaning of Subdivision B, are taken to be deductions that have been allowed in respect of the expenditure; and

(b) where an amount is included in, or allowable as a deduction from, the assessable income of the taxpayer of a year of income in relation to the expenditure under section 122K in its application in accordance with section 159GZZO - the amount that, if section 159GZZO were disregarded, would have been included in the assessable income or allowable as a deduction under section 122K in relation to that expenditure is instead taken to have been so included in the assessable income or allowable as a deduction.

159GZZZBE(2)   [Eligible gold transport expenditure]  

Where a taxpayer has incurred any eligible gold transport expenditure, within the meaning of Subdivision C, in relation to an asset, then, for the purposes of any application of section 110-55 of the Income Tax Assessment Act 1997 (about reduced cost base) in relation to the post-changeover disposal:

(a) notional deductions, within the meaning of Subdivision C, are taken to be deductions that have been allowed in respect of the expenditure; and

(b) where an amount is included in, or allowable as a deduction from, the assessable income of the taxpayer of a year of income in relation to the expenditure under section 123C in its application in accordance with section 159GZZZ - the amount that, if section 159GZZZ were disregarded, would have been included in the assessable income or allowable as a deduction under section 123C in relation to that expenditure is instead taken to have been so included in the assessable income or allowable as a deduction.