INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision B - Division 10 and related provisions  

SECTION 159GZZN   ELIGIBLE GOLD MINING EXPENDITURE - ELECTION THAT PROPERTY BE DEPRECIATED UNDER SECTION 57AL  

159GZZN(1)   [Application of section]  

Where eligible gold mining expenditure incurred by a taxpayer on a unit of property is expenditure in respect of which depreciation would be allowable to the taxpayer in accordance with section 57AL if paragraph 23(o), subsection 57AL(7) and Division 10 had not been enacted, the following provisions have effect:

(a) the taxpayer may, in accordance with subsection (2), elect that this subsection shall apply in relation to all such expenditure incurred by the taxpayer on the unit of property;

(b) where such an election is made:

(i) depreciation is allowable to the taxpayer in respect of the expenditure on the unit in accordance with section 57AL for the part of the changeover year occurring after 31 December 1990, and for all subsequent years of income, as if paragraph 23(o), subsection 57AL(7) and Division 10 had not been enacted; and

(ii) the expenditure is not, and shall be taken never to have been, eligible gold mining expenditure of the taxpayer for the purposes of this Subdivision.

159GZZN(2)   [Time and form of election]  

An election under subsection (1) shall:

(a) be made in writing signed by or on behalf of the taxpayer; and

(b) be delivered to the Commissioner on or before the last day for the furnishing of the return of income of the changeover year or within such further time as the Commissioner allows.