INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 330 - Mining and quarrying  

Subdivision 330-F - Excess deductions  

SECTION 330-30 [ARCHIVE]   Converting old excess 1 July 1974 to 21 August 1984 general mining exploration or prospecting deductions into excess deductions under the new law  

330-30(1)   [ New EPE ]  

If, at the end of the 1995-96 income year, there are excess amounts of expenditure of the kind referred to in subsection 122J(4) of the Income Tax Assessment Act 1936 , that expenditure is taken to be exploration or prospecting expenditure incurred by you in the 1997-98 income year ( new EPE ).

330-30(2)   [Relevant amount deductible]  

For each applicable year you are taken to be able, because of section 330-310 of the Income Tax Assessment Act 1997 , to deduct the relevant amount of the new EPE under section 330-15 of that Act.

330-30(3)   [Applicable year]  

An applicable year is an income year after the 1996-97 income year in which you carry on eligible mining operations (other than in the course of petroleum mining) and a mining business (other than a petroleum mining business).

330-30(4)   [Relevant amount]  

The relevant amount for an applicable year is worked out as follows:


(a) take away from the amount of new EPE the total of the relevant amounts for any earlier applicable years;


(b) the relevant amount is so much of what remains as does not exceed:

  • · the assessable income you derive in that year from carrying on that mining business, or from your activities associated directly or indirectly with your carrying on that business;

  • less
  • · all your deductions that directly relate to that business or those activities in that year.



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