Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 2   Mining

Income Tax (Transitional Provisions) Act 1997

16   At the end of Subdivision 40-D

Add:

40-365 Involuntary disposals

Section 40-365 of the new Act applies to a case where:

(a) a balancing adjustment event occurred for plant in the circumstances mentioned in subsection 42-293(2) of the former Act before 1 July 2001; and

(b) you start to hold a replacement asset or assets after that day; and

(c) the conditions in subsections 40-365(3) and (4) of the new Act are satisfied.