Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.605

(1) If:

   (a)  a person (the original licensee) has transferred or sub-let a

*mining, quarrying or prospecting right for an area to another person (the
contractor) under an agreement; and

   (b)  under the agreement, the contractor:

        (i)    is or was carrying on *petroleum mining, in that area or in
               another area for which the original licensee holds or held a
               *mining, quarrying or prospecting right; or

        (ii)   is or was exploring or prospecting for *petroleum; the original
               licensee is taken not to have incurred expenditure, because of
               the transfer or sub-lease, in respect of which an amount is
               deductible under this Division.

(2) Subsection (1) applies only for the purposes of this Division. It applies
despite section 21 (Where consideration not in cash) of the
Income Tax Assessment Act 1936.

[The next Division is Division 375.]