INCOME TAX ASSESSMENT ACT 1997 - SECT 15.40 Providing mining, quarrying or prospecting information or geothermal exploration information

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.40

  (1)   Your assessable income includes an amount you receive for providing * mining, quarrying or prospecting information to another entity if:

  (a)   you continue to * hold the information; and

  (b)   the amount you receive is not assessable as * ordinary income under section   6 - 5.

  (2)   Your assessable income includes an amount you receive for providing * geothermal exploration information you have to another entity if:

  (a)   you continue to have the information; and

  (b)   the information is, and continues to be, relevant to:

  (i)   * geothermal energy extraction that you carry on or propose to carry on; or

  (ii)   a * business that you carry on that includes * exploration or prospecting for * geothermal energy resources from which energy can be extracted by geothermal energy extraction; and

  (c)   the amount you receive is not assessable as * ordinary income under section   6 - 5.

It does not matter whether the information is generally available or not.

  (3)   Geothermal exploration information is geological, geophysical or technical information that:

  (a)   relates to the presence, absence or extent of * geothermal energy resources in an area; or

  (b)   is likely to help in determining the presence, absence or extent of such resources in an area.

  (4)   Geothermal energy extraction means operations that are for:

  (a)   the extraction of energy from * geothermal energy resources; and

  (b)   the * purpose of producing assessable income.