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-H - Transporting the product  

SECTION 330-60 (ARCHIVE)   Converting old transport expenditure into transport capital expenditure under the new law  

330-60(1)   [ New TCE ]  

If:

(a) in the 1996-97 income year or an earlier income year you incurred capital expenditure of the kind referred to in subsection 123B(1) ( minerals expenditure ) or 123BE(1) ( quarry expenditure ) of the Income Tax Assessment Act 1936 ; and

(b) at the end of the 1996-97 income year you have not deducted all of that expenditure;

then so much of that expenditure as you have not deducted is taken to be transport capital expenditure incurred by you in the 1997-98 income year ( new TCE ).

330-60(2)   [Deductible amount and deductibility period]  

You must use this section to work out how much of that new TCE is deductible over how long.

330-60(3)   [Minerals expenditure]  

In the case of minerals expenditure, the number of income years (starting in the 1997-98 income year) over which you can deduct the new TCE (the remaining years ) is worked out by taking away from 10 (or 20 if you made an election under section 123BB of the Income Tax Assessment Act 1936 ) the number of income years before the 1997-98 income year for which you deducted an amount of the minerals expenditure.

The amount that you deducted in each of those income years before the 1997-98 income year is deductible in each of the remaining years.

330-60(4)   [Quarry expenditure]  

In the case of quarry expenditure, the number of income years (starting in the 1997-98 income year) over which you can deduct the new TCE (the remaining years ) is worked out by taking away from 20 the number of income years before the 1997-98 income year for which you deducted an amount of the quarry expenditure.

330-60(5)   [Amount deductible in remaining years]  

The amount that you deducted in each of those income years before the 1997-98 income year is deductible in each of the remaining years.