INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a taxpayer being a resident of Australia or a resident of Papua New Guinea, derives income from -
(i) the working of a mining property in Australia or in Papua New Guinea for the purpose of obtaining uranium-bearing ore; or
(ii) the treatment in Australia or in Papua New Guinea of uranium-bearing ore so obtained by the taxpayer, being treatment for the purpose of recovering uranium concentrates; and
(b) the Commissioner is satisfied that all uranium recoverable from ore obtained in the year of income from the mining property is or will become (either before or after recovery) the property of the Commonwealth or has been or will be (whether before or after recovery) sold or disposed of to a person approved by the Commonwealth.
So much of the income referred to in subsection (1) as, in the opinion of the Commissioner, is attributable to uranium shall be exempt from tax.
Where a taxpayer carries on operations for purposes which include the gaining or producing of income that is exempt under this section and the gaining or producing of income that is assessable income, the deductions allowable from the assessable income of the taxpayer shall be such part only as the Commissioner considers just of the deductions allowable, but for this subsection, in relation to those operations.
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