INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision C - Division 10AAA  

SECTION 159GZZZ  

159GZZZ   MODIFIED APPLICATION OF SECTION 123C  
Where, apart from this section:

(a) subsection 123C(2) , in its application in accordance with this Division, 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 123C(3) , in its application in accordance with this Division, 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 transport 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.