INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AB - Rehabilitation and restoration of mining, quarrying and petroleum sites  

SECTION 124BA   DEDUCTION OF EXPENDITURE ON REHABILITATION-RELATED ACTIVITIES  

124BA(1)   [Allowable deduction]  

Subject to this Division, expenditure (whether of a capital nature or otherwise) incurred by a taxpayer on or after 1 July 1991 and before the 1997-98 year of income, to the extent to which the expenditure is in respect of rehabilitation-related activities, is an allowable deduction for the year of income in which the expenditure is incurred.

Note:

Subdivision 330-I of the Income Tax Assessment Act 1997 gives a taxpayer a deduction for expenditure incurred on rehabilitation in the 1997-98 year of income or a later year of income.

124BA(2)   [Operation of s 51]  

A provision of this Act (including a provision of section 51 , other than subsection 51(1) ) that expressly prevents or restricts the operation of section 51 applies in the same way to this section.