INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]
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]
(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:
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