Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-40   Providing mining, quarrying or prospecting information or geothermal exploration information  

15-40(1)    
Your assessable income includes an amount you receive for providing ^* mining, quarrying or prospecting information to another entity if:

(a) you continue to ^* hold the information; and

(b) the amount you receive is not assessable as ^* ordinary income under section 6-5 .

15-40(2)    

Your assessable income includes an amount you receive for providing *geothermal exploration information you have to another entity if:

(a) you continue to have the information; and

(b) the information is, and continues to be, relevant to:

(i) *geothermal energy extraction that you carry on or propose to carry on; or

(ii) a *business that you carry on that includes *exploration or prospecting for *geothermal energy resources from which energy can be extracted by geothermal energy extraction; and

(c) the amount you receive is not assessable as *ordinary income under section 6-5 .

It does not matter whether the information is generally available or not.

15-40(3)    

Geothermal exploration information
is geological, geophysical or technical information that:

(a) relates to the presence, absence or extent of *geothermal energy resources in an area; or

(b) is likely to help in determining the presence, absence or extent of such resources in an area.

15-40(4)    

Geothermal energy extraction
means operations that are for:

(a) the extraction of energy from *geothermal energy resources; and

(b) the *purpose of producing assessable income.