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Edited version of private advice
Authorisation Number: 1051786495804
Date of advice: 3 December 2020
Ruling
Subject: Exploration (first use)
Question 1
Was the asset first used for exploration or prospecting in accordance with subsection 40-80(1)(a) of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
The Commissioner has ruled on this question.
Question 2
Is the effective life of the asset x years in accordance with subsection 40-95(10A) of the ITAA 1997?
Answer
The Commissioner has ruled on this question.