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 330-35 [ARCHIVE]   Converting old excess pre-17 August 1976 petroleum exploration or prospecting deductions into excess deductions under the new law  

330-35(1)   [ New EPE ]  

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 ]  

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 petroleum;

  • less
  • · all your deductions in respect of that assessable income.

  •  

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