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-F - Excess deductions  

SECTION 330-50 (ARCHIVE)  

330-50   Preserving the old election rules for post-1 July 1985 general mining, quarrying and petroleum expenditure  
If:

(a) you incurred allowable capital expenditure within the meaning of Division 10 or 10AA of Part III of the Income Tax Assessment Act 1936 on or after 1 July 1985 and before the 1997-98 income year; and

(b) an amount of that expenditure:

(i) is taken, because of section 330-1 of this Act, to be allowable capital expenditure incurred by you in the 1997-98 income year in carrying on eligible mining operations in the course of petroleum mining; or

(ii) is taken, because of section 330-5 or 330-45 of this Act, to be allowable capital expenditure incurred by you in the 1997-98 income year; and

(c) in the 1997-98 income year or a later income year you can, because of section 330-310 of the Income Tax Assessment Act 1997 (the 1997 Act ), deduct the whole or part of that amount under section 330-80 of that Act; and

(d) in that year you elect under subsection 330-315(1) of the 1997 Act that your deductions under Subdivision 330-C of that Act not be limited by your available assessable income;

subsection 330-315(3) of the 1997 Act does not apply to that whole or part if you would have been able to deduct that whole or part under Division 10 or 10AA of Part III of the Income Tax Assessment Act 1936 if that Division had applied in that year.