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 330-40 [ARCHIVE]   Converting old excess post-21 August 1984 general mining, post-15 August 1989 quarrying and post-17 August 1976 petroleum, exploration or prospecting deductions into excess deductions under the new law  

330-40(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 122J(4C) , 122JF(6) or 124AH(4B) of the Income Tax Assessment Act 1936 (the 1936 Act ), that expenditure is taken to be exploration or prospecting expenditure incurred by you in the 1997-98 income year ( new EPE ).

330-40(2)   [New EPE deductible]  

You are taken to be able, because of section 330-310 of the Income Tax Assessment Act 1997 (the 1997 Act ), to deduct the new EPE under section 330-15 of that Act in the first income year after the 1996-97 income year for which you have assessable income.

330-40(3)   [Limitation]  

But you can only deduct the new EPE under section 330-15 of the 1997 Act if you could have deducted it under that section had you incurred it in that income year.

330-40(4)   [Gold expenditure]  

If any part of the new EPE can be attributed to eligible gold exploration or prospecting expenditure within the meaning of section 159GZZJ of the 1936 Act ( gold expenditure ), you can only deduct that part under section 330-15 of the 1997 Act in the 1997-98 income year or a later income year if that year begins less than 7 years after the day on which that gold expenditure was incurred.


 

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.