INCOME TAX ASSESSMENT ACT 1997 - SECT 40.1120 Cost base and reduced cost base of exploration benefits etc.

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.1120

    If:

  (a)   under a * farm - in farm - out arrangement, you receive an * exploration benefit; and

  (b)   the benefit involves one or more undertakings of the kinds referred to in subparagraphs   40 - 1100(2)(a)(ii) and (iv);

the first element of the * cost base and the * reduced cost base of the benefit are reduced by the * market value of the undertakings.