Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 2   Mining

Income Tax Assessment Act 1997

3   Subsection 40-95(7) (at the end of the table)

Add:

11

A *mining, quarrying or prospecting right relating to *mining operations (except obtaining *petroleum or quarry materials)

The life of the mine or proposed mine or, if there is more than one, the life of the mine that has the longest estimated life

12

A *mining, quarrying or prospecting right relating to *mining operations to obtain *petroleum

The life of the petroleum field or proposed petroleum field

13

A *mining, quarrying or prospecting right relating to *mining operations to obtain quarry materials

The life of the quarry or proposed quarry or, if there is more than one, the life of the quarry that has the longest estimated life


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