INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 330 - Mining and quarrying  

Subdivision 330-C - Development and operation of a mine or quarry  

SECTION 330-15 [ARCHIVE]   Reducing your unrecouped expenditure in the year you derive exempt income from the sale of rights to mine  

330-15(1)   [Application of section]  

If:


(a) in the 1997-98 income year or a later income year (the sale year ) you derive, from the sale, transfer or assignment of your rights to mine in a particular area in Australia, an amount that is exempt income because of section 330-60 of the Income Tax Assessment Act 1997 ; and


(b) in relation to that area, any excess amounts of expenditure referred to in subsection 122J(3) of the Income Tax Assessment Act 1936 have become allowable capital expenditure incurred in the sale year or an earlier income year;

your unrecouped expenditure for the purposes of section 330-105 of the Income Tax Assessment Act 1997 as at the end of the sale year is reduced by an amount referred to in subsection (2).

330-15(2)   [Calculation of reduction]  

The amount is so much of those excess amounts as you have not deducted and that you cannot deduct in the sale year. However, the amount of the reduction cannot exceed the amount of the exempt income.




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