Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 3   Capital allowances for mining, quarrying or prospecting rights and clarifying the meaning of exploration for petroleum

Part 1   Capital allowances for mining, quarrying or prospecting rights

Income Tax Assessment Act 1997

1   Paragraph 40-30(6)(b)

Repeal the paragraph, substitute:

(b) any of the following conditions are satisfied:

(i) the new right and the other right relate to the same area, or any difference in area is not significant;

(ii) the new right relates to an area that is a part of the area that the other right relates to.

Note: If the other right does not end, it may be taken to be split into 2 assets: see section 40-122.