Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014 (69 of 2014)
Schedule 1 Capital allowances
Part 1 Amendments
Income Tax Assessment Act 1997
3 Subsection 40-95(10)
Repeal the subsection, substitute:
Exceptions: mining, quarrying or prospecting rights and mining, quarrying or prospecting information
(10) Subject to subsection (12), the effective life of:
(a) a *mining, quarrying or prospecting right; or
(b) *mining, quarrying or prospecting information;
is the period you work out yourself by estimating the period (in years, including fractions of years) set out in column 2 of this table:
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Effective life of certain mining, quarrying or prospecting rights and mining, quarrying or prospecting information |
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Item |
Column 1
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Column 2
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1 |
A *mining, quarrying or prospecting right, or *mining, quarrying or prospecting information, relating to *mining and quarrying operations (except obtaining *petroleum or quarry materials) |
The life of the mine or proposed mine to which the right or information relates or, if there is more than one, the life of the mine that has the longest estimated life |
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2 |
A *mining, quarrying or prospecting right, or *mining, quarrying or prospecting information, relating to *mining and quarrying operations to obtain *petroleum |
The life of the petroleum field or proposed petroleum field to which the right or information relates or, if there is more than one, the life of the petroleum field that has the longest estimated life |
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3 |
A *mining, quarrying or prospecting right, or *mining, quarrying or prospecting information, relating to *mining and quarrying operations to obtain quarry materials |
The life of the quarry or proposed quarry to which the right or information relates or, if there is more than one, the life of the quarry that has the longest estimated life |
(10A) However, if the only reason that subsection 40-80(1) does not apply to the *mining, quarrying or prospecting right, or *mining, quarrying or prospecting information, is that the right or information does not meet the requirements of paragraph 40-80(1)(d) or (e), the effective life of the right or information is the shorter of:
(a) the period that would, apart from this subsection, be the effective life of the information or right under subsection (10); and
(b) 15 years.