INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 330 - Mining and quarrying  

Subdivision 330-F - Excess deductions  

SECTION 330-55 (ARCHIVE)   No right to elect that your deductions be unlimited for pre-1 July 1985 general mining and petroleum expenditure  

330-55(1)   [No right to election]  

If:

(a) before 1 July 1985 you incurred expenditure of the kind referred to in Division 10 or 10AA of Part III of the Income Tax Assessment Act 1936 ; and

(b) an amount of that expenditure becomes allowable capital expenditure, or exploration or prospecting expenditure, incurred by you in the 1997-98 income year because of section 330-1 , 330-5 , 330-10 , 330-30 , 330-35 , 330-40 or 330-45 of this Act; and

(c) in the 1997-98 income year or a later income year you can deduct the whole or part of that amount under section 330-15 or 330-80 of the Income Tax Assessment Act 1997 ;

you cannot make an election under section 330-315 of the Income Tax Assessment Act 1997 in that year in relation to that whole or part.

330-55(2)   [Where subsec (1) does not apply]  

The restriction in subsection (1) does not apply to the whole or part of an amount you deduct in that income year if:

(a) the whole or part is taken, because of section 330-1 of this Act, to have been allowable capital expenditure incurred by you in the 1997-98 income year in carrying on eligible mining operations (other than in the course of petroleum mining); or

(b) the whole or part is taken, because of section 330-10 of this Act, to have been allowable capital expenditure incurred by you in the first income year after the 1996-97 income year in which you carry on eligible mining operations (other than in the course of petroleum mining).

330-55(3)   [Transfer of loss]  

If:

(a) in the 1997-98 income year or a later income year, you elect that your deductions under Subdivision 330-C of the Income Tax Assessment Act 1997 not be limited so that they contribute to a tax loss; and

(b) the whole or part of an amount referred to in subsection (2) is one of those deductions;

you can only transfer so much of that loss, under Subdivision 170-A (Transfer of tax losses within wholly-owned groups of companies) of the Income Tax Assessment Act 1997 , as remains after taking off that whole or part.