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-L - Modification of Common rules  

SECTION 330-75 (ARCHIVE)   Modifying Common rule 1 so that it may apply to a disposal of property under the new law  

330-75(1)    
If:

(a) in the 1996-97 income year or an earlier income year you have deducted amounts in respect of property under Division 10 , 10AAA or 10AA of Part III of the Income Tax Assessment Act 1936 ; and

(b) in the 1997-98 income year or a later income year you dispose of the property;

Subdivision 41-A of the Income Tax Assessment Act 1997 (Common rule 1 (Roll-over relief for related entities)) applies as if:

(c) a reference in that Common rule to the rules for the capital allowance included a reference to that Division; and

(d) (Repealed by Act No 54 of 1999)

(e) if in the 1996-97 income year or an earlier income year there was a disposal of the property where roll-over relief was available under any of the old roll-over provisions - that Common rule had applied to that disposal.

Note:

The old roll-over provisions are set out in section 330-65 of this Act.

330-75(1A)    
If:

(a) Common rule 1 applies as mentioned in subsection (1) of this section; and

(b) any of the old recoupment provisions has applied to:

(i) the transferor; or

(ii) if there have been 2 or more prior applications of that Common rule - any of the prior transferors of the property;

section 170 of the Income Tax Assessment Act 1936 does not stop the Commissioner amending, at any time, an assessment of the transferee.

330-75(2)    
The old recoupment provisions are:

Item	Mining Activity	Provisions of the Income Tax Assessment Act 1936
1.	General mining	122T
.
2.	Quarrying	122T
.
3.	Transport of certain minerals	123A(2) and (3)
.
4.	Transport of quarry materials	123BD(4) and (5)
.
5.	Prospecting and mining for petroleum	124AQ