Income Tax Assessment Act 1997
View history note
Hide history noteYour assessable income includes an amount you receive for providing * mining, quarrying or prospecting information to another entity if:
(a) you continue to * hold the information; and
(b) the amount you receive is not assessable as * ordinary income under section 6-5 .
15-40(2)
Your assessable income includes an amount you receive for providing *geothermal exploration information you have to another entity if:
(a) you continue to have the information; and
(b) the information is, and continues to be, relevant to:
(i) *geothermal energy extraction that you carry on or propose to carry on; or
(ii) a *business that you carry on that includes *exploration or prospecting for *geothermal energy resources from which energy can be extracted by geothermal energy extraction; and
(c) the amount you receive is not assessable as *ordinary income under section 6-5 .
It does not matter whether the information is generally available or not.
15-40(3)
Geothermal exploration information
is geological, geophysical or technical information that:
(a) relates to the presence, absence or extent of *geothermal energy resources in an area; or
(b) is likely to help in determining the presence, absence or extent of such resources in an area.
15-40(4)
Geothermal energy extraction
means operations that are for:
(a) the extraction of energy from *geothermal energy resources; and
(b) the *purpose of producing assessable income.
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