INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Subject to Division 16H , income derived by a company from the sale of gold produced in Australia shall be exempt from income tax where:
(a) all the shareholders of the company are carrying on, or have carried on, mining operations in Australia wholly or partly for the purpose of obtaining gold;
(b) the company is, on the last day of the year of income, a company approved by the Treasurer for the purposes of this section; and
(c) the gold was purchased by the company from the Reserve Bank of Australia.
For the purposes of paragraph 23(o) , a dividend paid to a person wholly and exclusively out of income which is exempt from income tax by virtue of this section shall be deemed to be income derived by that person from the sale of gold obtained from the working of the mining property in Australia on which that person is carrying on, or has carried on, mining operations.