Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 1   MINING AND PETROLEUM CASH BIDDING

1   Object

The object of this Part is:

(a) to provide for deductibility of cash bidding payments to acquire exploration or prospecting authorities and mining authorities; and

(b) to extend to on-shore areas the coverage of the existing provisions relating to deductibility of cash bidding payments to acquire petroleum exploration permits and production licences.