INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 330 - Mining and quarrying  

Subdivision 330-C - Development and operation of a mine or quarry  

SECTION 330-1 [ARCHIVE]   Converting pre-19 July 1982 general mining and petroleum expenditure into allowable capital expenditure under the new law  

330-1(1)   [Expenditure under old diminishing value provisions]  

If, apart from this section, you would have been entitled to a deduction in respect of expenditure for the 1997-98 income year or a later income year under any of the old diminishing value provisions, you are not entitled to that deduction.

330-1(2)   [ New ACE ]  

Instead, the total of that expenditure, less the total of any amounts you have already deducted in respect of that expenditure for income years before 1997-98, is taken to be allowable capital expenditure ( new ACE ) incurred by you in the 1997-98 income year.

330-1(3)   [Incurring new ACE ]  

If the old diminishing value provision that would have given rise to the deduction is in Subdivision A (General mining) of Division 10 of Part III of the Income Tax Assessment Act 1936 , then the new ACE is taken to have been incurred in carrying on eligible mining operations (other than in the course of petroleum mining).

If, on the other hand, it is in Division 10AA (Prospecting and mining for petroleum) of that Part, then the new ACE is taken to have been incurred in carrying on eligible mining operations in the course of petroleum mining.

330-1(4)   [ Old diminishing value provisions ]  

The old diminishing value provisions are:


Item In Subdivision A (General mining) of Division 10 of Part III of the Income Tax Assessment Act 1936 In Division 10AA (Prospecting and mining for petroleum) of Part III of the Income Tax Assessment Act 1936
1. section 122D section 124AD
.
2. section 122DB section 124ADB
.
3. section 122DD section 124ADD
.
4. section 122DF section 124ADF


 

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