Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 2   Sale of mining rights

Income Tax Assessment Act 1936

1   Paragraph 23(pa)

Omit all the words from and including "where" (first occurring) to "except that - ", substitute:

where:

(i) those rights to mine were acquired by the person before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; and

(ia) the income was derived before 20 August 2001; and

(ib) the person, on or before 20 August 1996 was a bona fide prospector, that is to say:

(A) a person (other than a company) who has personally carried out the whole or the major part of the field work of prospecting for gold or for the prescribed metal or prescribed mineral, as the case may be, in that area, or has contributed to the expenditure incurred in the work of prospecting and development in that area; or

(B) a company which has itself carried out the whole or the major part of such field work;

except that:

(ii) where the income was derived under a contract for the sale, transfer or assignment of the rights to mine entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996, this paragraph only applies to so much of the income derived as would have been derived if those rights had been sold for their market value at that time; and