Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 1   Effective life provisions

Income Tax Assessment Act 1997

5   After subsection 40-110(3)

Insert:

(3A) Subsections (1), (2) and (3) do not apply to a *depreciating asset that is a *mining, quarrying or prospecting right.

(3B) You may choose to recalculate the *effective life of a *mining, quarrying or prospecting right from a later income year if the effective life you have been using is no longer accurate because of changed circumstances relating to an existing or proposed mine, petroleum field or quarry to which that right relates.