Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-L - Prospecting and mining entitlements  

Operative provisions

SECTION 124-710   Meaning of prospecting entitlement and mining entitlement  

124-710(1)    
A prospecting entitlement is:

(a) an authority, licence, permit or entitlement under an * Australian law or * foreign law to prospect or explore for * minerals in an area; or

(aa) an authority, licence, permit or entitlement under an Australian law to prospect or explore for * geothermal energy resources in an area; or

(b) a lease of land that allows the lessee to prospect or explore for minerals or geothermal energy resources on the land; or

(c) an interest in a thing referred to in paragraph (a), (aa) or (b).

124-710(2)    
A mining entitlement is:

(a) an authority, licence, permit or entitlement under an * Australian law or * foreign law to mine for * minerals in an area; or

(aa) an authority, licence, permit or entitlement under an Australian law to extract energy from * geothermal energy resources in an area; or

(b) a lease of land that allows the lessee to mine for minerals, or extract energy from geothermal energy resources, on the land; or

(c) an interest in a thing referred to in paragraph (a), (aa) or (b).