INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]
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.