INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision C - Division 10AAA  

SECTION 159GZZW   159GZZW   INTERPRETATION  
In this Subdivision:

"actual deduction"
, in relation to the changeover year or a subsequent year of income of a taxpayer, in relation to an amount of eligible gold transport expenditure of the taxpayer, means the deduction actually allowed or allowable for the year in relation to the expenditure under Division 10AAA (other than section 123C ) in its application in accordance with this Subdivision;

"changeover year"
, in relation to a taxpayer, means the year of income of the taxpayer in which 1 January 1991 occurs;

"eligible gold transport expenditure"
, in relation to a taxpayer, means expenditure that:


(a) is or was incurred by the taxpayer before 1 January 1991; and


(b) is not expenditure of the taxpayer to which Division 10AAA applies but would be expenditure of the taxpayer to which that Division applies if paragraph 23(o) or section 159GZZZB had not been enacted;

"notional deduction"
, in relation to the changeover year or a prior year of income of a taxpayer, in relation to an amount of eligible gold transport expenditure of the taxpayer, means:


(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 paragraph 23(o) and sections 123BA , 123BB and 159GZZZB had not been enacted; and


(b) in the case of the changeover year - a proportion of the deduction that, apart from section 159GZZY , 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        
Post-expenditure part


where:
  • Pre-1 January part means:
  • (i) if the expenditure is incurred before the changeover year - the number of days in the part of the changeover year ending at the end of 31 December 1990; or
  • (ii) if the expenditure is incurred in the changeover year - the number of days in the period from the beginning of the day on which the expenditure is incurred until the end of 31 December 1990;
  • Post-expenditure part means:
  • (iii) if the expenditure is incurred before the changeover year - the number of days in the changeover year; or
  • (iv) if the expenditure is incurred in the changeover year - the number of days in the period from the beginning of the day on which the expenditure is incurred until the end of the changeover year.

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