Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.710

  (1)   A prospecting entitlement is:

  (a)   an authority, licence, permit or entitlement under an * Australian law or * foreign law to prospect or explore for * minerals in an area; or

  (aa)   an authority, licence, permit or entitlement under an Australian law to prospect or explore for * geothermal energy resources in an area; or

  (b)   a lease of land that allows the lessee to prospect or explore for minerals or geothermal energy resources on the land; or

  (c)   an interest in a thing referred to in paragraph   (a), (aa) or (b).

  (2)   A mining entitlement is:

  (a)   an authority, licence, permit or entitlement under an * Australian law or * foreign law to mine for * minerals in an area; or

  (aa)   an authority, licence, permit or entitlement under an Australian law to extract energy from * geothermal energy resources in an area; or

  (b)   a lease of land that allows the lessee to mine for minerals, or extract energy from geothermal energy resources, on the land; or

  (c)   an interest in a thing referred to in paragraph   (a), (aa) or (b).