INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES

Division 15 - Prospecting and mining rights

SECTION 160ZZG

160ZZG DISPOSAL OF RIGHT TO RECEIVE INCOME FROM MINING OPERATIONS
Where a person who owns a mining or prospecting right or an interest in such a right grants to another person a right to receive income from operations carried on pursuant to the mining or prospecting right, the grant of the right to receive the income -

(a) does not constitute a disposal of part of the mining or prospecting right; but

(b) constitutes the disposal by the first-mentioned person of a right (that is to say, the right to receive the income) -

(i) which was created by that person immediately before it was granted; and

(ii) which was acquired by that person without that person having paid or given any consideration in respect of the acquisition.

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