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

10   Subsection 124ABA(6) (definition of 'permit cash bidding payment')

Add at the end:

"; or (c) an amount paid for the grant of an exploration permit (other than one issued under Part III of the Petroleum Act), if:

(i) the permit was auctioned or tendered for, or was granted to a person who responded to a public invitation to apply for it within a specified period or by a specified day; and

(ii) the amount is not an application fee or a deposit, except to the extent that the amount is applied in payment for the grant of the exploration permit; and

(iii) the amount is incurred in carrying on prescribed petroleum operations or for the purpose of exploring or prospecting for petroleum obtainable by prescribed petroleum operations;".