Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 3   Capital allowances for mining, quarrying or prospecting rights and clarifying the meaning of exploration for petroleum

Part 1   Capital allowances for mining, quarrying or prospecting rights

Income Tax Assessment Act 1997

3   After section 40-40

Insert:

40-42 When mining, quarrying or prospecting rights are used

(1) This Division and Subdivision 328-D (capital allowances for small business entities) apply to a *depreciating asset you *hold that is a *mining, quarrying or prospecting right as if a reference to using the asset were a reference to engaging in activity that involves exercising rights conferred on you by the asset.

(2) If the asset is an interest covered by paragraph (c) of the definition of mining, quarrying or prospecting right in subsection 995-1(1), the reference in subsection (1) of this section to rights conferred on you by the asset is taken to be a reference to rights conferred on you by the authority, licence, permit, right or lease referred to in paragraph (c) of that definition.