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 330-5 (ARCHIVE)   Converting post-19 July 1982 general mining and petroleum expenditure, and post-15 August 1989 quarrying expenditure, into allowable capital expenditure under the new law  

330-5(1)   [ New ACE ]  

If:

(a) in the 1996-97 income year or an earlier income year you incurred allowable capital expenditure of the kind referred to in subsection 122DG(1) , 122JE(1) or 124ADG(1) of the Income Tax Assessment Act 1936 ( old capital expenditure ); and

(b) at the end of the 1996-97 income year an amount of that expenditure is unrecouped (worked out under subsection 122DG(4) , 122JE(3) or 124ADG(4) of that Act (as appropriate));

that amount is taken to be allowable capital expenditure incurred by you in the 1997-98 income year ( new ACE ).

330-5(2)   [Years remaining affected]  

In working out how much of that new ACE is deductible for the 1997-98 income year or a later income year, the calculation (under paragraph 330-100(2)(a), (3)(a) or (4)(a) of the Income Tax Assessment Act 1997 ) of the years remaining is affected.

330-5(3)   [Calculation of remaining years]  

Take away from the number you get after doing that calculation the number of income years before the 1997-98 income year for which you deducted or, apart from the operation of subsection 122DG(6) , 122JE(5) or 124ADG(6) of the Income Tax Assessment Act 1936 (as appropriate) would have deducted, an amount in respect of that old capital expenditure.