Commonwealth Numbered Acts

Income Tax Laws Amendment Act (No. 3) 1981 No. 154 of 1981 - SECT 24

24. Section 124ADC of the Principal Act is amended-

   (a)  by omitting sub-section (1) and substituting the following
        sub-section:

''(1) For the purposes of this Division, but subject to the succeeding
provisions of this section, the residual (1 May 1981 to 18 August 1981)
capital expenditure of a taxpayer as at the end of a year of income (in this
section referred to as the 'relevant year of income') shall be ascertained by
deducting from the sum of-

   (a)  the amount of allowable capital expenditure (other than allowable
        capital expenditure to which paragraph (b) applies) incurred by the
        taxpayer after 30 April 1981 and before the end of the relevant year
        of income, being-

        (i)    expenditure incurred on or before 18 August 1981; or

        (ii)   expenditure incurred after 18 August 1981-

                (A)  under a contract entered into on or before 18 August
                     1981; or

                (B)  in respect of the construction of property by the
                     taxpayer where that construction commenced on or before
                     18 August 1981,

but not being-

        (iii)  expenditure incurred under a contract entered into on or before
               30 April 1981; or

        (iv)   expenditure incurred in respect of the construction of property
               by the taxpayer where that construction commenced on or before
               30 April 1981; and

   (b)  any amount of allowable capital expenditure that is deemed by
        sub-section (2) to have been incurred by the taxpayer after 30 April
        1981 and on or before 18 August 1981,

the following amounts:

   (c)  any part of the expenditure included in that sum that-

        (i)    has been allowed or is allowable as a deduction under section
               124ADD from the assessable income of a year of income preceding
               the relevant year of income; or

        (ii)   was incurred on property (not being property in respect of
               which a notice has been duly given to the Commissioner under
               section 124AB by the taxpayer and a person who acquired the
               last-mentioned property from the taxpayer) that has been
               disposed of, lost or destroyed or the use of which by the
               taxpayer for the purposes of carrying on prescribed petroleum
               operations has been otherwise terminated, and has not been
               allowed and is not allowable as a deduction from the assessable
               income of any year of income that ended before the year of
               income in which the disposal, loss, destruction or termination
               of use took place; and

   (d)  the sum of so much of any amounts specified in notices duly given to
        the Commissioner under section 124AB in relation to the acquisition
        from the taxpayer, during the relevant year of income or a preceding
        year of income, of a petroleum prospecting or mining right or
        petroleum prospecting or mining information as is attributable to
        expenditure that would, but for this paragraph, be included in the
        residual (1 May 1981 to 18 August 1981) capital expenditure of the
        taxpayer as at the end of the relevant year of income.''; and

(b) by inserting in sub-section (2) ''and on or before 18 August 1981'' after
''30 April 1981''.