INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 [ARCHIVE]
If, at the end of the 1996-97 income year, there are excess amounts of expenditure of the kind referred to in subsection 124AH(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 ).330-35(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.330-35(3) [ Applicable year ]
An applicable year is an income year after the 1996-97 income year in which you have assessable income from petroleum.330-35(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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