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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
(As read a third time)
Income Tax (Transitional Provisions) Bill
1996
No. ,
1996
A Bill for an Act setting
out application and transitional provisions for the Income Tax Assessment Act
1996
9606240—1,155/23.10.1996—(62/96) Cat.
No. 96 5303 1 ISBN 0644 478896
Contents
This Bill originated in the
House of Representatives; and, having this day passed, is now ready for
presentation to the Senate for its concurrence.
L.M. BARLIN
Clerk of the House
of Representatives
House of Representatives
17 October
1996
A Bill for an Act setting out application and
transitional provisions for the Income Tax Assessment Act
1996
The Parliament of Australia enacts:
Table of sections
1-1 Short title
1-5 Commencement
1-10 Expressions mean the same as in the Income Tax
Assessment Act 1996
This Act may be cited as the Income Tax (Transitional Provisions) Act
1996.
This Act commences on 1 July 1997.
Expressions mean the same in this Act as in the Income Tax Assessment
Act 1996.
[The next heading is the heading to Part 1-3.]
[The next Division is Division 4.]
The Income Tax Assessment Act 1996, as originally enacted, applies
to assessments for the 1997-98 income year and later income years.
Note: For the application of amendments of that Act
(including new provisions inserted in it), see the Acts making the
amendments.
Table of sections
6-2 Effect of this Division
6-3 Assessable income for income years before
1997-98
6-20 Exempt income for income years before
1997-98
This Division has effect for the purposes of the Income Tax Assessment
Act 1996 and of this Act.
For the 1996-97 income year or an earlier income year, assessable
income means all the amounts that under the Income Tax Assessment Act
1936 are included in the assessable income.
For the 1996-97 income year or an earlier income year, exempt
income means income which is exempt from tax and includes income which
is not assessable income.
Table of sections
8-2 Effect of this Division
8-3 Deductions for income years before
1997-98
8-10 No double deductions for income year before 1997-98
and income year after 1996-97
This Division has effect for the purposes of the Income Tax Assessment
Act 1996 and of this Act.
For the 1996-97 income year or an earlier income year,
deduction means a deduction allowable under the Income Tax
Assessment Act 1936.
If:
(a) a provision of the Income Tax Assessment Act 1936 allows you a
deduction in respect of an amount for the 1996-97 income year or an earlier
income year; and
(b) a different provision of that Act, or a provision of the Income Tax
Assessment Act 1996, allows you a deduction in respect of the same amount
for the 1997-98 income year or a later income year;
you can deduct only under the provision that is most appropriate.
[The next heading is the heading to Chapter 2.]
[The next heading is the heading to Part 2-5.]
[The next Division is Division 28.]
(1) This section has effect for the purposes of section 28-115
(Income years for which you need to keep a log book) of the Income Tax
Assessment Act 1996.
(2) You are taken to have used the “log book” method for a car
for the 1993-94 income year or an earlier income year if section 82KUD of
the Income Tax Assessment Act 1936 applied for the purpose of determining
the amounts of deductions allowable under that Act in respect of car expenses
you incurred for the car in that income year.
(3) You are taken to have used the “log book” method for a car
for the 1994-95, 1995-96 or 1996-97 income year if you used that method of
deducting car expenses for that income year.
(4) You are taken to have kept a log book for a car for the 1994-95 income
year or an earlier income year if log book records and odometer records for the
car were maintained by you or on your behalf, in accordance with
Subdivision F of Division 3 of Part III of the Income Tax
Assessment Act 1936, for the applicable log book period in that income year.
Those log book records and odometer records are taken to be the log book you
kept for that income year.
(5) You are taken to have kept a log book for a car for the 1994-95,
1995-96 or 1996-97 income year if you did so in accordance with Schedule 2A to
the Income Tax Assessment Act 1936.
Note: The 1994-95 income year is covered by both subsections
(4) and (5). This is because you may have kept your log book records and
odometer records under Subdivision F of Division 3 of Part III of
the Income Tax Assessment Act 1936 before Schedule 2A to that Act was
enacted.
[The next Division is Division 36.]
Table of sections
36-100 Tax losses for the 1997-98 and later income
years
36-105 Tax losses for 1989-90 to 1996-97 income
years
36-110 Tax losses for 1957-58 to 1988-89 income
years
To work out your tax loss (if any) for the 1997-98 income
year or a later income year, apply the provisions of the Income Tax
Assessment Act 1996 about tax losses.
Start at Division 36 of that
Act.
(1) If you incurred a loss for the purposes of section 79E (General
domestic losses of 1989-90 to 1996-97 years of income) of the Income Tax
Assessment Act 1936 in any of the 1989-90 to 1996-97 income years, the loss
is your tax loss for that income year, which is called a
loss year.
(2) You can deduct the tax loss in the 1997-98 or a later income year only
to the extent that it has not already been deducted.
(1) If you incurred a loss for the purposes of section 80AA (Primary
production losses of pre-1990 years of income) of the Income Tax Assessment
Act 1936 in any of the 1957-58 to 1988-89 income years, the loss is your
tax loss for that income year, which is called a loss
year. The loss is also called a primary production
loss.
(2) You can deduct the tax loss in the 1997-98 or a later income year only
to the extent that it has not already been deducted.
(3) You deduct your primary production losses (in the order in which you
incurred them) before any other tax losses of the same or any other loss year,
except film losses.
(4) A company cannot transfer any amount of a primary production loss for
the 1983-84 or an earlier income year under Subdivision 170-A (Transfer of
tax losses within wholly-owned groups of companies) of the Income Tax
Assessment Act 1996.
(5) For the purposes of determining how much (if any) of a primary
production loss you can deduct in the 1997-98 or a later income year,
subsections 80AA(9), (10) and (11) of the Income Tax Assessment Act 1936
apply in the same way as they apply for the purposes they refer to.
[The next heading is the heading to Part 2-10.]
[The next Division is Division 43.]
Table of sections
43-100 Application of Division 43 to quasi-ownership
rights over land
43-105 Application of subsections 43-50(1) and (2) to hotel
buildings and apartment buildings
Division 43 of the Income Tax Assessment Act 1996 applies to
quasi-ownership rights over land granted in respect of:
(a) capital works being a hotel building or an apartment building begun
after 30 June 1997; and
(b) other capital works begun after 26 February 1992.
Subsections 43-50(1) and (2) of the Income Tax Assessment Act 1996
do not apply to capital works being a hotel building or an apartment building
begun before 1 July 1997.
[The next heading is the heading to Chapter 3.]
[The next heading is the heading to Part 3-45.]
[The next heading is the heading to Division 330.]
Table of Subdivisions
330-C Development and operation of a mine or quarry
330-E Selling a right or information
330-F Excess deductions
330-H Transporting the product
330-J Balancing adjustment
330-L Modification of Common rules
[The next Subdivision is Subdivision 330-C.]
Table of sections
330-1 Converting pre-19 July 1982 general mining and
petroleum expenditure into allowable capital expenditure under the new
law
330-5 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
330-10 Converting old excess pre-1 July 1975 general mining
exploration or prospecting deductions into allowable capital expenditure under
the new law
330-15 Reducing your unrecouped expenditure in the year you
derive exempt income from the sale of rights to mine
330-20 Reducing your unrecouped expenditure in a year later
than the year you derive exempt income from the sale of rights to
mine
(1) If, apart from this section, you would have been entitled to a
deduction in respect of expenditure for the 1997-98 income year or a later
income year under any of the old diminishing value provisions, you are not
entitled to that deduction.
(2) Instead, the total of that expenditure, less the total of any amounts
you have already deducted in respect of that expenditure for income years before
1997-98, is taken to be allowable capital expenditure (new ACE)
incurred by you in the 1997-98 income year.
(3) If the old diminishing value provision that would have given rise to
the deduction is in Subdivision A (General mining) of Division 10 of
Part III of the Income Tax Assessment Act 1936, then the new
ACE is taken to have been incurred in carrying on eligible mining operations
(other than in the course of petroleum mining).
If, on the other hand, it is in Division 10AA (Prospecting and
mining for petroleum) of that Part, then the new ACE is taken to have been
incurred in carrying on eligible mining operations in the course of petroleum
mining.
(4) The old diminishing value provisions are:
|
Item |
In Subdivision A (General mining) of Division 10 of
Part III of the Income Tax Assessment Act 1936 |
In Division 10AA (Prospecting and mining for petroleum) of
Part III of the Income Tax Assessment Act 1936 |
|---|---|---|
|
1. |
section 122D |
section 124AD |
|
2. |
section 122DB |
section 124ADB |
|
3. |
section 122DD |
section 124ADD |
|
4. |
section 122DF |
section 124ADF |
(1) 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).
(2) 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 1996) of
the years remaining is affected.
(3) 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.
(1) If, at the end of the 1996-97 income year, there are excess amounts of
expenditure of the kind referred to in subsection 122J(3) of the Income
Tax Assessment Act 1936, that expenditure is taken to be exploration
or prospecting expenditure incurred by you in the 1997-98 income year.
(2) But you cannot deduct that expenditure under section 330-15 of
the Income Tax Assessment Act 1996 in the 1997-98 income year or a later
income year.
(3) Instead, in the first income year after the 1996-97 income year in
which you carry on eligible mining operations (other than in the course of
petroleum mining) that expenditure is taken to be allowable capital expenditure
incurred by you in that year. You can then write it off in that income year and
later income years under section 330-80 of the Income Tax Assessment Act
1996.
(1) 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 1996;
and
(b) in relation to that area, any excess amounts of expenditure referred
to in subsection 122J(3) of the Income Tax Assessment Act 1936 have
become allowable capital expenditure incurred in the sale year or an earlier
income year;
your unrecouped expenditure for the purposes of section 330-105 of the
Income Tax Assessment Act 1996 as at the end of the sale year is reduced
by an amount referred to in subsection (2).
(2) The amount is so much of those excess amounts as you have not deducted
and that you cannot deduct in the sale year. However, the amount of the
reduction cannot exceed the amount of the exempt income.
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 1996;
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 1996 as at the end of the conversion year is
reduced by so much of those amounts as exceeds the amount of exempt
income.
[The next Subdivision is Subdivision 330-E.]
If:
(a) any of the new ACE referred to in section 330-1 of this Act; or
(b) any of the unrecouped expenditure referred to in section 330-5 of
this Act; or
(c) any of the whole or part of a deduction disallowed for the 1996-97
income year because of subsection 122DG(6) or 124ADG(6) of the Income
Tax Assessment Act 1936;
can be attributed to expenditure on plant, disregard that expenditure for
the purposes of paragraph 330-245(2)(a) (about the limit on an amount that can
be included in an agreement) of the Income Tax Assessment Act
1996.
Table of sections
330-30 Converting old excess 1 July 1975 to 21 August 1984
general mining exploration or prospecting deductions into excess deductions
under the new law
330-35 Converting old excess pre-17 August 1976 petroleum
exploration or prospecting deductions into excess deductions under the new
law
330-40 Converting old excess post-21 August 1984 general
mining, post-15 August 1989 quarrying and post-17 August 1976 petroleum,
exploration or prospecting deductions into excess deductions under the new
law
330-45 Converting old excess general mining, quarrying and
petroleum deductions into excess deductions under the new law
330-50 Preserving the old election rules for post-1 July
1985 general mining, quarrying and petroleum expenditure
330-55 No right to elect that your deductions be unlimited
for pre-1 July 1985 general mining and petroleum expenditure
(1) If, at the end of the 1996-97 income year, there are excess amounts of
expenditure of the kind referred to in subsection 122J(4) of the Income
Tax Assessment Act 1936, that expenditure is taken to be exploration or
prospecting expenditure incurred by you in the 1997-98 income year (new
EPE).
(2) For each applicable year you are taken to be able, because of
section 330-310 of the Income Tax Assessment Act 1996, to
deduct the relevant amount of the new EPE under section 330-15 of that
Act.
(3) An applicable year is an income year after the 1996-97
income year in which you carry on eligible mining operations (other than in the
course of petroleum mining) and a mining business (other than a petroleum mining
business).
(4) The relevant amount for an applicable year is worked out
as follows:
(a) take away from the amount of new EPE the total of the relevant amounts
for any earlier applicable years;
(b) the relevant amount is so much of what remains as does not
exceed:
• the assessable income you derive in that year from carrying on that
mining business, or from your activities associated directly or indirectly with
your carrying on that business;
less
• all your deductions that directly relate to that business or those
activities in that year.
(1) If, at the end of the 1996-97 income year, there are excess amounts of
expenditure of the kind referred to in subsection 124AH(4) of the Income
Tax Assessment Act 1936, that expenditure is taken to be exploration or
prospecting expenditure incurred by you in the 1997-98 income year (new
EPE).
(2) For each applicable year you are taken to be able, because of
section 330-310 of the Income Tax Assessment Act 1996, to
deduct the relevant amount of the new EPE under section 330-15 of that
Act.
(3) An applicable year is an income year after the 1996-97
income year in which you have assessable income from petroleum.
(4) The relevant amount for an applicable year is worked out
as follows:
(a) take away from the amount of new EPE the total of the relevant amounts
for any earlier applicable years;
(b) the relevant amount is so much of what remains as does not
exceed:
• the assessable income you derive in that year from
petroleum;
less
• all your deductions in respect of that assessable income.
(1) If, at the end of the 1996-97 income year, there are excess amounts of
expenditure of the kind referred to in subsection 122J(4C), 122JF(6) or
124AH(4B) of the Income Tax Assessment Act 1936 (the 1936
Act), that expenditure is taken to be exploration or prospecting
expenditure incurred by you in the 1997-98 income year (new
EPE).
(2) You are taken to be able, because of section 330-310 of the
Income Tax Assessment Act 1996 (the 1996 Act), to
deduct the new EPE under section 330-15 of that Act in the first income
year after the 1996-97 income year for which you have assessable
income.
(3) But you can only deduct the new EPE under section 330-15 of the
1996 Act if you could have deducted it under that section had you incurred it in
that income year.
(4) If any part of the new EPE can be attributed to eligible gold
exploration or prospecting expenditure within the meaning of
section 159GZZJ of the 1936 Act (gold expenditure), you can
only deduct that part under section 330-15 of the 1996 Act in the 1997-98
income year or a later income year if that year begins less than 7 years after
the day on which that gold expenditure was incurred.
If the whole or part of a deduction for the 1996-97 income year is
disallowed because of subsection 122DG(6), 122JE(5) or 124ADG(6) of the
Income Tax Assessment Act 1936 then that whole or part is taken to
be:
(a) allowable capital expenditure incurred by you in the 1997-98 income
year; and
(b) because of section 330-310 of the Income Tax Assessment Act
1996, deductible by you under section 330-80 of that Act in the 1997-98
income year.
If:
(a) you incurred allowable capital expenditure within the meaning of
Division 10 or 10AA of Part III of the Income Tax Assessment Act
1936 on or after 1 July 1985 and before the 1997-98 income year;
and
(b) an amount of that expenditure:
(i) is taken, because of section 330-1 of this Act, to be allowable
capital expenditure incurred by you in the 1997-98 income year in carrying on
eligible mining operations in the course of petroleum mining; or
(ii) is taken, because of section 330-5 or 330-45 of this Act, to be
allowable capital expenditure incurred by you in the 1997-98 income year;
and
(c) in the 1997-98 income year or a later income year you can, because of
section 330-310 of the Income Tax Assessment Act 1996 (the
1996 Act), deduct the whole or part of that amount under
section 330-80 of that Act; and
(d) in that year you elect under subsection 330-315(1) of the 1996
Act that your deductions under Subdivision 330-C of that Act not be limited
by your available assessable income;
subsection 330-315(3) of the 1996 Act does not apply to that whole or
part if you would have been able to deduct that whole or part under
Division 10 or 10AA of Part III of the Income Tax Assessment Act
1936 if that Division had applied in that year.
(1) If:
(a) before 1 July 1985 you incurred expenditure of the kind referred to in
Division 10 or 10AA of Part III of the Income Tax Assessment Act
1936; and
(b) an amount of that expenditure becomes allowable capital expenditure,
or exploration or prospecting expenditure, incurred by you in the 1997-98 income
year because of section 330-1, 330-5, 330-10, 330-30, 330-35, 330-40 or
330-45 of this Act; and
(c) in the 1997-98 income year or a later income year you can deduct the
whole or part of that amount under section 330-15 or 330-80 of the
Income Tax Assessment Act 1996;
you cannot make an election under section 330-315 of the Income Tax
Assessment Act 1996 in that year in relation to that whole or
part.
(2) The restriction in subsection (1) does not apply to the whole or
part of an amount you deduct in that income year if:
(a) the whole or part is taken, because of section 330-1 of this Act,
to have been allowable capital expenditure incurred by you in the 1997-98 income
year in carrying on eligible mining operations (other than in the course of
petroleum mining); or
(b) the whole or part is taken, because of section 330-10 of this
Act, to have been allowable capital expenditure incurred by you in the first
income year after the 1996-97 income year in which you carry on eligible mining
operations (other than in the course of petroleum mining).
(3) If:
(a) in the 1997-98 income year or a later income year, you elect that your
deductions under Subdivision 330-C of the Income Tax Assessment Act
1996 not be limited so that they contribute to a tax loss; and
(b) the whole or part of an amount referred to in subsection (2) is
one of those deductions;
you can only transfer so much of that loss, under Subdivision 170-A
(Transfer of tax losses within wholly-owned groups of companies) of the
Income Tax Assessment Act 1996, as remains after taking off that whole or
part.
[The next Subdivision is Subdivision 330-H.]
(1) If:
(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).
(2) You must use this section to work out how much of that new TCE is
deductible over how long.
(3) 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.
(4) 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.
(5) 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.
[The next Subdivision is Subdivision 330-J.]
Table of sections
330-65 How the balancing adjustment is affected if there has
only been old roll-over relief
330-70 What the corresponding previous law
is
330-72 What the old excess deduction provisions
are
(1) If:
(a) in the 1996-97 income year or an earlier income year roll-over relief
was available under any of the old roll-over provisions in relation to the
disposal of property by a taxpayer (the transferor) to another
taxpayer (the transferee); and
(b) in the 1997-98 income year or a later income year:
(i) the property is lost or destroyed; or
(ii) the transferee disposes of the property in circumstances where
Subdivision 41-A of the Income Tax Assessment Act 1996 (Common rule
1 (Roll-over relief for related entities)) does not apply to the disposal;
or
(iii) the transferee stops using the property for purposes that qualify
expenditure on the property for a deduction under Subdivision 330-A, 330-C
or 330-H of the Income Tax Assessment Act 1996; and
(c) there has been no earlier disposal of the property where roll-over
relief was available under Common rule 1;
the balancing adjustment is affected in 2 ways.
(2) First:
(a) the total amounts deductible by the transferor, under
Division 10, 10AAA or 10AA of Part III of the Income Tax Assessment
Act 1936, in relation to the property; or
(b) if there have been 2 or more prior applications of the old roll-over
provisions—the total amounts deductible by the prior transferors, under
that Division, in relation to the property;
are taken to have been deductible by the transferee, under that Division,
in relation to the property.
(3) Second:
(a) the total capital expenditure of the transferor in relation to the
property; or
(b) if there have been 2 or more prior applications of the old roll-over
provisions—the total capital expenditure of the prior transferors in
relation to the property;
is taken to have been capital expenditure of the transferee in relation to
the property.
(4) The old roll-over provisions are:
|
Item |
Mining Activity |
Section of the Income Tax Assessment Act 1936 |
|---|---|---|
|
1. |
General mining |
122JAA |
|
2. |
Quarrying |
122JG |
|
3. |
Transport of certain minerals |
123BBA |
|
4. |
Transport of quarry materials |
123BF |
|
5. |
Prospecting and mining for petroleum |
124AMAA |
(1) For the purposes of Subdivisions 330-J, 330-K and 330-L of the
Income Tax Assessment Act 1996 (the 1996 Act), the
corresponding previous law is set out in the following table.
(2) The table sets out the rules for some of the capital allowances in the
1996 Act. It also sets out the corresponding previous law in the Income Tax
Assessment Act 1936 (the 1936 Act).
|
Item |
Capital allowance |
Rules in the 1996 Act |
Corresponding previous law in the 1936 Act |
|---|---|---|---|
|
1. |
Mining and quarrying: exploration or prospecting expenditure |
Subdivision 330-A |
Division 10 or 10AA of Part III |
|
2. |
Mining and quarrying: development and operation of a mine or
quarry |
Subdivision 330-C |
Division 10 or 10AA of Part III |
|
3. |
Mining and quarrying: transporting minerals or quarry materials |
Subdivision 330-H |
Division 10AAA of Part III |
For the purposes of section 330-480 (When a balancing adjustment is
required) of the Income Tax Assessment Act 1996, the old excess
deduction provisions are:
|
Item |
Mining Activity |
Provisions of the Income Tax Assessment Act 1936 |
|---|---|---|
|
1. |
General mining |
122DG(6) and 122J(4B) |
|
2. |
Quarrying |
122JE(5) and 122JF(2) |
|
3. |
Prospecting and mining for petroleum |
124ADG(6) and 124AH(4A) |
[The next Subdivision is Subdivision 330-L.]
(1) If:
(a) in the 1996-97 income year or an earlier income year you have deducted
amounts in respect of property under Division 10, 10AAA or 10AA of
Part III of the Income Tax Assessment Act 1936; and
(b) in the 1997-98 income year or a later income year you dispose of the
property;
Subdivision 41-A of the Income Tax Assessment Act 1996 (Common
rule 1 (Roll-over relief for related entities)) applies as if:
(c) a reference in that Common rule to the rules for the capital allowance
included a reference to that Division; and
(d) a reference in that Common rule to section 330-585 of the
Income Tax Assessment Act 1996 included a reference to the old recoupment
provisions; and
(e) if in the 1996-97 income year or an earlier income year there was a
disposal of the property where roll-over relief was available under any of the
old roll-over provisions—that Common rule had applied to that
disposal.
Note: The old roll-over provisions are set out
in section 330-65 of this Act.
(2) The old recoupment provisions are:
|
Item |
Mining Activity |
Provision of the Income Tax Assessment Act 1936 |
|---|---|---|
|
1. |
General mining |
122T |
|
2. |
Quarrying |
122T |
|
3. |
Transport of certain minerals |
123A(2) and (3) |
|
4. |
Transport of quarry materials |
123BD(4) and (5) |
|
5. |
Prospecting and mining for petroleum |
124AQ |
[The next heading is the heading to Division 375.]
[The next Subdivision is Subdivision 375-G.]
Table of sections
375-100 Film component of tax loss for 1997-98 or later
income years
375-105 Film component of tax loss for 1989-90 to 1996-97
income years
375-110 Film loss for 1989-90 or later income
year
To work out the film component (if any) of your tax loss
for the 1997-98 income year or a later income year, apply section 375-805
of the Income Tax Assessment Act 1996.
If you incurred a film loss for the purposes of section 79F (Film
losses of 1989-90 to 1996-97 years of income) of the Income Tax Assessment
Act 1936 in any of the 1989-90 to 1996-97 income years, that film loss is
the film component of your tax loss for that income
year.
(1) To work out your film loss (if any) for the purposes of
the Income Tax Assessment Act 1996 for the 1989-90 or a later income
year, apply section 375-810 of that Act.
(2) You can deduct in the 1997-98 or a later income year your film loss
for any of the 1989-90 to 1996-97 income years only to the extent that it has
not already been deducted.