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

7   Application of amendments

(1) Subject to subitems (2) and (3), the amendments made by this Part apply to a mining, quarrying or prospecting right that you start to hold after 7:30 pm, by legal time in the Australian Capital Territory, on 9 May 2023.

(2) The amendments of section 40-30 of the Income Tax Assessment Act 1997 made by this Part apply if you begin to hold the new right after 7:30 pm, by legal time in the Australian Capital Territory, on 9 May 2023.

(3) Section 40-122 of the Income Tax Assessment Act 1997, as inserted by this Part, applies if you begin to hold the partial new right after 7:30 pm, by legal time in the Australian Capital Territory, on 9 May 2023.