INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteWhere a taxpayer has incurred any eligible gold mining expenditure, within the meaning of Subdivision B, in relation to an asset, then, for the purposes of any application of section 110-55 of the Income Tax Assessment Act 1997 (about reduced cost base) in relation to the post-changeover disposal:
(a) notional deductions, within the meaning of Subdivision B, are taken to be deductions that have been allowed in respect of the expenditure; and
(b) where an amount is included in, or allowable as a deduction from, the assessable income of the taxpayer of a year of income in relation to the expenditure under section 122K in its application in accordance with section 159GZZO - the amount that, if section 159GZZO were disregarded, would have been included in the assessable income or allowable as a deduction under section 122K in relation to that expenditure is instead taken to have been so included in the assessable income or allowable as a deduction.
Where a taxpayer has incurred any eligible gold transport expenditure, within the meaning of Subdivision C, in relation to an asset, then, for the purposes of any application of section 110-55 of the Income Tax Assessment Act 1997 (about reduced cost base) in relation to the post-changeover disposal:
(a) notional deductions, within the meaning of Subdivision C, are taken to be deductions that have been allowed in respect of the expenditure; and
(b) where an amount is included in, or allowable as a deduction from, the assessable income of the taxpayer of a year of income in relation to the expenditure under section 123C in its application in accordance with section 159GZZZ - the amount that, if section 159GZZZ were disregarded, would have been included in the assessable income or allowable as a deduction under section 123C in relation to that expenditure is instead taken to have been so included in the assessable income or allowable as a deduction.
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