Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.550

(1) The transferee's entitlement to a deduction under section 41-30 includes
the entitlement, because of section 330- 310, to deduct an amount under
section 330-15 or 330-80 in respect of the property. Note 1: Section 330- 310
is about excess amounts being deductible for the next income year. Note 2:
Section 330-15 gives a deduction for exploration or prospecting expenditure
and section 330-80 gives a deduction for allowable capital expenditure.

(2) If the property disposed of is a *mining, quarrying or prospecting right
or *mining, quarrying or prospecting information:

   (a)  the transferor and the transferee are taken to have made an agreement
        under section 330- 235 in respect of the acquisition of the property;
        and

   (b)  the amount specified in the agreement is taken to be equal to the
        amount of the transferor's *unrecouped expenditure in respect of the
        property; and

   (c)  section 330- 245 (which is about the limit on the amount that can be
        included in the agreement) is taken not to be applicable to that
        agreement.

(3) If:

   (a)  the property disposed of is a *qualifying interest in relation to a
        *cash bidding exploration or prospecting authority; and

   (b)  immediately before the disposal, the transferor had an

*entitlement to an eligible cash bidding amount in relation to that authority;
then:

   (c)  an agreement under section 330-180 in respect of the acquisition of
        the property is taken to have been made by the transferor and the
        transferee; and

   (d)  the amount specified in the agreement is taken to be equal to the
        whole of the transferor's entitlement to the eligible cash bidding
        amount.