INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
(a) in the 1996-97 income year or an earlier income year you incurred capital expenditure of the kind referred to in subsection 123B(1) ( minerals expenditure ) or 123BE(1) ( quarry expenditure ) of the Income Tax Assessment Act 1936 ; and
(b) at the end of the 1996-97 income year you have not deducted all of that expenditure;
then so much of that expenditure as you have not deducted is taken to be transport capital expenditure incurred by you in the 1997-98 income year ( new TCE ).
330-60(2) [Deductible amount and deductibility period]You must use this section to work out how much of that new TCE is deductible over how long.
330-60(3) [Minerals expenditure]In the case of minerals expenditure, the number of income years (starting in the 1997-98 income year) over which you can deduct the new TCE (the remaining years ) is worked out by taking away from 10 (or 20 if you made an election under section 123BB of the Income Tax Assessment Act 1936 ) the number of income years before the 1997-98 income year for which you deducted an amount of the minerals expenditure.
The amount that you deducted in each of those income years before the 1997-98 income year is deductible in each of the remaining years.
330-60(4) [Quarry expenditure]In the case of quarry expenditure, the number of income years (starting in the 1997-98 income year) over which you can deduct the new TCE (the remaining years ) is worked out by taking away from 20 the number of income years before the 1997-98 income year for which you deducted an amount of the quarry expenditure.
330-60(5) [Amount deductible in remaining years]The amount that you deducted in each of those income years before the 1997-98 income year is deductible in each of the remaining years.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
