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 330-5 [ARCHIVE]   Converting post-19 July 1982 general mining and petroleum expenditure, and post-15 August 1989 quarrying expenditure, into allowable capital expenditure under the new law  

330-5(1)   [ New ACE ]  

If:


(a) in the 1996-97 income year or an earlier income year you incurred allowable capital expenditure of the kind referred to in subsection 122DG(1) , 122JE(1) or 124ADG(1) of the Income Tax Assessment Act 1936 ( old capital expenditure ); and


(b) at the end of the 1996-97 income year an amount of that expenditure is unrecouped (worked out under subsection 122DG(4) , 122JE(3) or 124ADG(4) of that Act (as appropriate));

that amount is taken to be allowable capital expenditure incurred by you in the 1997-98 income year ( new ACE ).

330-5(2)   [Years remaining affected]  

In working out how much of that new ACE is deductible for the 1997-98 income year or a later income year, the calculation (under paragraph 330-100(2)(a), (3)(a) or (4)(a) of the Income Tax Assessment Act 1997 ) of the years remaining is affected.

330-5(3)   [Calculation of remaining years]  

Take away from the number you get after doing that calculation the number of income years before the 1997-98 income year for which you deducted or, apart from the operation of subsection 122DG(6) , 122JE(5) or 124ADG(6) of the Income Tax Assessment Act 1936 (as appropriate) would have deducted, an amount in respect of that old capital expenditure.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.