INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AAA - Transport of minerals and quarry materials  

Subdivision B - Transport of quarry materials  

SECTION 123BD   APPLICATION OF SUBDIVISION  

123BD(1)   [Transport of quarry materials]  

Subject to this section, this Subdivision applies to:

(a) capital expenditure incurred after 15 August 1989 and before the 1997-98 year of income by a taxpayer on; or

(b) capital expenditure incurred after 15 August 1989 and before the 1997-98 year of income by a taxpayer by way of contribution to capital expenditure incurred by another person on;

a railway, road, pipe-line or other facility constructed or acquired for use, in the carrying on of a business for the purpose of gaining or producing assessable income, primarily and principally for the transport of:

(c) quarry materials obtained from the carrying on by any person or persons of eligible quarrying operations; or

(d) processed materials produced from such quarry materials;

other than transport wholly within the site of eligible quarrying operations.

Note:

Subdivision 330-H of the Income Tax Assessment Act 1997 gives a taxpayer a deduction for transport capital expenditure incurred in the 1997-98 year of income or a later year of income.

123BD(2)   [Expenditure on port facility or facility for ships]  

This Subdivision does not apply, in relation to a taxpayer, to capital expenditure incurred by the taxpayer on, or by way of contribution to capital expenditure of another person on, a port facility or other facility for ships unless the expenditure has not been allowed, and will not be allowable, as a deduction, and has not been, and will not be, taken into account in ascertaining the amount of an allowable deduction, from the assessable income of the taxpayer of any year of income under any provision of this Act other than a provision of this Subdivision.

123BD(3)   [Section 123E(1) disregarded]  

In determining whether subsection (2) applies in relation to capital expenditure incurred by a taxpayer, the provisions of subsection 123E(1) are to be disregarded.

123BD(3A)   [Recoupment amounts]  

Subsections (4) and (5) do not apply to an amount received in the 1997-98 year of income or a later year of income if the amount is received as recoupment as defined by section 20-25 of the Income Tax Assessment Act 1997 .

Note:

Subdivision 20-A of the Income Tax Assessment Act 1997 applies instead.

123BD(4)   [Capital expenditure recouped]  

This Subdivision does not apply in relation to a taxpayer to capital expenditure in respect of which the taxpayer is recouped, or becomes entitled to be recouped, by:

(a) the Commonwealth, a State or a Territory; or

(b) an authority constituted by or under a law of the Commonwealth, a State or a Territory; or

(c) any other person;

where the amount of the recoupment is not, and will not be, included in the assessable income of the taxpayer of any year of income.

123BD(5)   [Amount constituting recoupment]  

Where a taxpayer receives, or becomes entitled to receive, an amount that constitutes to an unspecified extent a recoupment of capital expenditure, the Commissioner may, for the purposes of subsection (4), determine the extent to which that amount constitutes a recoupment of that expenditure.