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 330-40 [ARCHIVE]   Converting old excess post-21 August 1984 general mining, post-15 August 1989 quarrying and post-17 August 1976 petroleum, exploration or prospecting deductions into excess deductions under the new law  

330-40(1)   [ New EPE ]  

If, at the end of the 1996-97 income year, there are excess amounts of expenditure of the kind referred to in subsection 122J(4C) , 122JF(6) or 124AH(4B) of the Income Tax Assessment Act 1936 (the 1936 Act ), that expenditure is taken to be exploration or prospecting expenditure incurred by you in the 1997-98 income year ( new EPE ).

330-40(2)   [New EPE deductible]  

You are taken to be able, because of section 330-310 of the Income Tax Assessment Act 1997 (the 1997 Act ), to deduct the new EPE under section 330-15 of that Act in the first income year after the 1996-97 income year for which you have assessable income.

330-40(3)   [Limitation]  

But you can only deduct the new EPE under section 330-15 of the 1997 Act if you could have deducted it under that section had you incurred it in that income year.

330-40(4)   [Gold expenditure]  

If any part of the new EPE can be attributed to eligible gold exploration or prospecting expenditure within the meaning of section 159GZZJ of the 1936 Act ( gold expenditure ), you can only deduct that part under section 330-15 of the 1997 Act in the 1997-98 income year or a later income year if that year begins less than 7 years after the day on which that gold expenditure was incurred.




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