Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (96 of 2014)

Schedule 5   Geothermal energy

Income Tax Assessment Act 1997

4   At the end of section 15-40

Add:

(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.

(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.

(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.