Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.330

(1) This section applies if:

   (a)  because of section 330-60 you have *exempt income for an income year
        from the sale, transfer or assignment of your rights to mine in a
        particular area in Australia; and

   (b)  in relation to that area there are amounts that (apart from this
        section) you could deduct under section 330-15, because of section
        330- 310, for one or more later income years. Note 1: Section 330-15
        gives a deduction for exploration or prospecting expenditure. Note 2:
        Section 330- 310 is about excess amounts being deductible for the next
        income year.

(2) Each of those deductions is reduced in turn by so much of the

*exempt income as:

   (a)  does not exceed the amount of the deduction; and

   (b)  has not already been taken into account under this subsection.

(3) If you have 2 or more amounts of *exempt income relating to the same area,
subsection (2) applies to each of them in turn.