Income Tax Assessment Act 1936
View history note
Hide history noteIn working out the transition taxpayer ' s allowable deductions under the former Subdivision 330-A or 330-C or Division 40 of the Income Tax Assessment Act 1997 , assume that the transition taxpayer incurred no expenditure on exploration and prospecting before the transition time.
In working out the transition taxpayer
'
s allowable deductions under the former Subdivision
330-A
or
330-C
of the
Income Tax Assessment Act 1997
, assume that, for each year of income before the transition year, the transition taxpayer
'
s assessable income would have exceeded the total of the transition taxpayer
'
s deductions for the year.
Note:
This means that the transition taxpayer can have no excess deductions remaining from years of income before the transition year.
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