INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 330
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Mining and quarrying
Subdivision 330-F
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Excess deductions
SECTION 330-45 (ARCHIVE)
330-45
Converting old excess general mining, quarrying and petroleum deductions into excess deductions under the new law
If the whole or part of a deduction for the 1996-97 income year is disallowed because of subsection 122DG(6) , 122JE(5) or 124ADG(6) of the Income Tax Assessment Act 1936 then that whole or part is taken to be:
(a) allowable capital expenditure incurred by you in the 1997-98 income year; and
(b) because of section 330-310 of the Income Tax Assessment Act 1997 , deductible by you under section 330-80 of that Act in the 1997-98 income year.
If the whole or part of a deduction for the 1996-97 income year is disallowed because of subsection 122DG(6) , 122JE(5) or 124ADG(6) of the Income Tax Assessment Act 1936 then that whole or part is taken to be:
(a) allowable capital expenditure incurred by you in the 1997-98 income year; and
(b) because of section 330-310 of the Income Tax Assessment Act 1997 , deductible by you under section 330-80 of that Act in the 1997-98 income year.
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