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-F - Excess deductions  

SECTION 330-30 [ARCHIVE]   Converting old excess 1 July 1974 to 21 August 1984 general mining exploration or prospecting deductions into excess deductions under the new law  

330-30(1)   [ New EPE ]  

If, at the end of the 1995-96 income year, there are excess amounts of expenditure of the kind referred to in subsection 122J(4) of the Income Tax Assessment Act 1936 , that expenditure is taken to be exploration or prospecting expenditure incurred by you in the 1997-98 income year ( new EPE ).

330-30(2)   [Relevant amount deductible]  

For each applicable year you are taken to be able, because of section 330-310 of the Income Tax Assessment Act 1997 , to deduct the relevant amount of the new EPE under section 330-15 of that Act.

330-30(3)   [Applicable year]  

An applicable year is an income year after the 1996-97 income year in which you carry on eligible mining operations (other than in the course of petroleum mining) and a mining business (other than a petroleum mining business).

330-30(4)   [Relevant amount]  

The relevant amount for an applicable year is worked out as follows:


(a) take away from the amount of new EPE the total of the relevant amounts for any earlier applicable years;


(b) the relevant amount is so much of what remains as does not exceed:

  • · the assessable income you derive in that year from carrying on that mining business, or from your activities associated directly or indirectly with your carrying on that business;

  • less
  • · all your deductions that directly relate to that business or those activities in that year.

  •  

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.