Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.595

(1) This section applies if:

   (a)  the holder of a *mining, quarrying or prospecting right (the holder)
        has had someone else do work which, if the holder had done it, would
        have amounted to *petroleum mining or *exploration or prospecting for
        *petroleum; and

   (b)  the holder gives or is to give consideration for the work, other than:

        (i)    a payment of a share of income the holder *derives from selling
               *petroleum or products of *petroleum (for which see section
               330-600); or

        (ii)   consideration for transferring or sub-letting a *mining,
               quarrying or prospecting right (for which see section 330-605).

(2) For the purposes of this Division:

   (a)  the work is taken to be *petroleum mining or *exploration or
        prospecting for *petroleum, as appropriate, carried on by the holder;
        and

   (b)  the work is taken not to be petroleum mining or exploration or
        prospecting for petroleum carried on by the person who did the work;
        and

   (c)  any such consideration is taken to be expenditure the holder incurred
        in carrying on petroleum mining or exploration or prospecting for
        petroleum, as appropriate.