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INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.555
Leases: subsection 88B(5) of the Income Tax Assessment Act 1936 election has no effect
If the property is a lease that is a *mining, quarrying or prospecting right,
an election under subsection 88B(5) of the Income Tax Assessment Act 1936
(whether made before or after the disposal) has no effect in relation to the
grant, assignment or surrender of the lease. Note: Section 88B of the
Income Tax Assessment Act 1936 is about mining leases.
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