Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.100

(1) The amount deductible under section 330-80 for a particular income year
(the current income year) is worked out using this formula:
unrecouped expenditure
years remaining where:
unrecouped expenditure has the meaning given by section 330- 105.
years remaining has a varying meaning, depending on whether the

*allowable capital expenditure was incurred in:

   (a)  *eligible mining operations other than in the course of

*petroleum mining: see subsection (2); or

   (b)  *eligible mining operations in the course of *petroleum mining: see
        subsection (3); or

   (c)  *eligible quarrying operations: see subsection (4). Note: This section
        may not apply if you incur allowable capital expenditure of the kind
        referred to in paragraph 330-85(1)(h): see section 330-110 (which is
        about expenditure that does not relate to a mining property, quarrying
        property or petroleum field).

Mining other than petroleum mining

(2) For expenditure incurred in carrying on *eligible mining operations other
than in the course of *petroleum mining, years remaining means:

   (a)  the number equal to the difference between 10 and the number of income
        years (which may be zero) before the current income year for which an
        amount in respect of the expenditure was deductible; or

   (b)  the number equal to the number of whole years in the estimated life of
        the mine, or proposed mine, on the mining property, or, if there is
        more than one such mine, of the mine that has the longest estimated
        life, as at the end of the current income year; whichever number is
        less. Note: If you carry on eligible mining operations (other than in
        the course of petroleum mining) on 2 or more mining properties, see
        section 330- 125 (which is about each mining property being separate
        from any other).

Petroleum mining

(3) For expenditure incurred in carrying on *eligible mining operations in the
course of *petroleum mining, years remaining means:

   (a)  the number equal to the difference between 10 and the number of income
        years (which may be zero) before the current income year for which an
        amount in respect of the expenditure was deductible; or

   (b)  the number equal to the number of whole years in the estimated life of
        the *petroleum field or proposed *petroleum field as at the end of the
        current income year; whichever number is less. Note: If you carry on
        eligible mining operations in the course of petroleum mining on 2 or
        more petroleum fields, see section 330- 125 (which is about each
        petroleum field being separate from any other).

Quarrying

(4) For expenditure incurred in carrying on *eligible quarrying operations,
years remaining means:

   (a)  the number equal to the difference between 20 and the number of income
        years (which may be zero) before the current income year for which an
        amount in respect of the expenditure was deductible; or

   (b)  the number equal to the number of whole years in the estimated life of
        the quarry, or proposed quarry, on the quarrying property, or, if
        there is more than one such quarry, of the quarry that has the longest
        estimated life, as at the end of the current income year; whichever
        number is less. Note: If you carry on eligible quarrying operations on
        2 or more quarrying properties, see section 330- 125 (which is about
        each quarrying property being separate from any other).

Estimates must be reasonable

(5) An estimate required by this section must be reasonable.