INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision B - Division 10 and related provisions  

SECTION 159GZZL   159GZZL   ELIGIBLE GOLD MINING EXPENDITURE - PROPORTIONATE DEDUCTION FOR CHANGEOVER YEAR  
Subject to the application of any deduction limiting provision, a taxpayer is entitled under Division 10 , in its application in accordance with this Subdivision, to only a proportion of any deduction that, apart from this section and before the application of any deduction limiting provision, would be allowable to the taxpayer for the changeover year in respect of an amount of eligible gold mining expenditure incurred by the taxpayer, being a proportion ascertained in accordance with the formula:


Post-31 December part
Post-expenditure part

where:

Post-31 December part means the number of days in the part of the changeover year occurring after 31 December 1990; and

Post-expenditure part means:

  • (a) if the expenditure is incurred before the changeover year - the number of days in the changeover year; or
  • (b) if the expenditure is incurred in the changeover year - the number of days in the period from the beginning of the day on which the expenditure is incurred until the end of the changeover year.

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