INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART III
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LIABILITY TO TAXATION
Division 10AA
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Prospecting and mining for petroleum
SECTION 124AL
124AL
PETROLEUM OR PETROLEUM PRODUCTS USED IN MANUFACTURING OTHER GOODS
Where a taxpayer uses petroleum obtained from mining operations carried on by him in Australia, or a product of petroleum so obtained, for the purpose of manufacturing other goods, an amount equal to the market value of the petroleum or petroleum product at the time it is used for that purpose shall, for the purposes of this Division, be deemed to be assessable income from petroleum derived by the taxpayer during the year of income in which it is used for that purpose.
View history note
Hide history noteWhere a taxpayer uses petroleum obtained from mining operations carried on by him in Australia, or a product of petroleum so obtained, for the purpose of manufacturing other goods, an amount equal to the market value of the petroleum or petroleum product at the time it is used for that purpose shall, for the purposes of this Division, be deemed to be assessable income from petroleum derived by the taxpayer during the year of income in which it is used for that purpose.
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