INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 330 - Mining and quarrying  

Subdivision 330-C - Development and operation of a mine or quarry  

SECTION 330-20 (ARCHIVE)  

330-20   Reducing your unrecouped expenditure in a year later than the year you derive exempt income from the sale of rights to mine  
If:

(a) in the 1997-98 income year or a later income year (the sale year ) you derive, from the sale, transfer or assignment of your rights to mine in a particular area in Australia, an amount that is exempt income because of section 330-60 of the Income Tax Assessment Act 1997 ; and

(b) in relation to that area, there are excess amounts of expenditure referred to in subsection 122J(3) of the Income Tax Assessment Act 1936 that have not become allowable capital expenditure incurred in the sale year or an earlier income year; and

(c) those excess amounts become allowable capital expenditure incurred in an income year after the sale year (the conversion year );

your unrecouped expenditure for the purposes of section 330-105 of the Income Tax Assessment Act 1997 as at the end of the conversion year is reduced by so much of those amounts as does not exceed the amount of exempt income.