Tax Laws Amendment (2012 Measures No. 6) Act 2013 (84 of 2013)

Schedule 3   Geothermal energy

Income Tax Assessment Act 1997

34   Application of amendments

(1) The amendments of section 15-40 of the Income Tax Assessment Act 1997 made by this Schedule apply to amounts received on or after 1 July 2012.

(2) The amendments of sections 40-30, 40-40, 40-80, 40-290 and 716-300 of the Income Tax Assessment Act 1997 made by this Schedule apply to depreciating assets whose start time is on or after 1 July 2012.

(3) The amendment of section 40-300 of the Income Tax Assessment Act 1997 made by this Schedule applies to depreciating assets that started to be held on or after 1 July 2012.

(4) The amendments of sections 40-630 and 40-650 and subsection 40-730(3) of the Income Tax Assessment Act 1997 made by this Schedule apply to expenditure incurred on or after 1 July 2012.

(5) Subsections 40-730(2A) and (2B) of the Income Tax Assessment Act 1997 apply to expenditure incurred on or after 1 July 2012.

(6) Section 112-38 of the Income Tax Assessment Act 1997 applies to geothermal energy extraction rights acquired on or after 1 July 2012.