Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.315

(1) You may elect that your deductions under Subdivision 330-A or 330-C for
the income year not be limited by your *available assessable income. If you
have deductions under Subdivision 330-A and deductions under Subdivision
330-C, you may elect in relation to your deductions under one or both of the
Subdivisions. Note 1: Subdivision 330-A is about exploration and prospecting
and Subdivision 330-C is about developing and operating a mine or quarry. Note
2: If you can deduct an amount under Subdivision 330-A or 330-C for the income
year that can be attributed to expenditure you incurred before 1 July 1985,
you cannot make an election under this section in that year in relation to
that amount (unless an exception applies): see subsection 330- 55(1) of the
Income Tax (Transitional Provisions)  Act 1997 . Note 3: You can make an
election under this section in relation to certain expenditure you incurred
before 1 July 1985. But you cannot transfer that part of a tax loss that
relates to such expenditure: see subsections 330- 55(2) and (3) of the
Income Tax (Transitional  Provisions) Act 1997 .

(2) If you make an election, section 330-300 or 330- 305 does not limit or
reduce your deductions under the relevant Subdivision for the income year.

(3) However, if (apart from the election) section 330-300 or 330- 305 would
limit or reduce the amounts (the previous excess deductions) that you could
otherwise deduct under the relevant Subdivision for the income year because of
section 330- 310, they are instead reduced proportionately so that their total
equals the amount worked out by:

   (a)  dividing the total previous excess deductions by the total of the
        amounts that you could otherwise deduct under that Subdivision for the
        income year (whether or not because of section 330- 310); and

   (b)  multiplying the result by your *available assessable income. Note: If
        you deducted an amount under Subdivision 330-C for the income year
        that can be attributed to allowable expenditure you incurred on or
        after 1 July 1985, subsection (3) may not apply to that amount: see
        section 330-50 of the Income Tax (Transitional Provisions)  Act 1997 .

(4) You must make an election before the time by which you must lodge your
*income tax return for the income year. However, the Commissioner may allow
you to do it later than that time.