INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
In this Subdivision:
, in relation to the changeover year or a subsequent year of income of a taxpayer, in relation to an amount of eligible gold mining expenditure of the taxpayer, means the deduction actually allowed or allowable for the year in relation to the expenditure under Division 10 (other than section 122K ) in its application in accordance with this Subdivision;
"deemed gold exploration or prospecting expenditure"
means expenditure that is taken by section 159GZZQ to be incurred on 1 January 1991;
(a) is or was incurred by the taxpayer after 25 May 1988 and before 1 January 1991; and
(b) is not expenditure of a kind referred to in subsection 122J(1) but would, if paragraph 23(o) or section 159GZZV had not been enacted, be expenditure of a kind referred to in that subsection;
(a) expenditure that:
(i) is or was incurred by the taxpayer before 1 January 1991; and
(ii) is not allowable capital expenditure of the taxpayer for the purposes of Division 10 but would, for the purposes of that Division, be allowable capital expenditure (other than by virtue of paragraph 122A(1)(d) ) of the taxpayer if paragraph 23(o) or section 159GZZV had not been enacted; or
(b) expenditure that the taxpayer is taken to have incurred under subparagraph 159GZZU(3)(e)(i) ;
(a) in the case of a year of income before the changeover year - the deduction that would be allowable to the taxpayer in respect of the expenditure for the year of income if the notional writing-down assumptions were made; and
(b) in the case of the changeover year - a proportion of the deduction that, apart from section 159GZZL and before the application of any deduction limiting provision, would be allowable to the taxpayer in respect of the expenditure for the changeover year, being a proportion ascertained in accordance with the formula:
Pre-1 January part
(a) that paragraph 23(o) and sections 122JA and 159GZZV were never enacted;
(b) that, for years of income before the changeover year, the deduction limiting provisions and sections 79E and 80 were not applicable in relation to deductions for eligible gold mining expenditure;
(c) that, for the purposes of applying section 122B in relation to the acquisition, during or before the changeover year of the vendor referred to in that section, of a mining or prospecting right or mining or prospecting information, eligible gold mining expenditure were not expenditure referred to in paragraph (2)(a) of that section;
(d) that sections 122E , 122F , 122G , 122H and 122Q were not applicable to eligible gold mining expenditure; and
(e) that section 122K were not applicable to property disposed of, lost or destroyed, or whose use for purposes referred to in that section is or was otherwise terminated, during or before the changeover year, to the extent that eligible gold mining expenditure is or was incurred on the property.
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