Commonwealth Numbered Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 No. 40 of 1997 - SECT 330.1

(1) If, apart from this section, you would have been entitled to a deduction
in respect of expenditure for the 1997-98 income year or a later income year
under any of the old diminishing value provisions, you are not entitled to
that deduction.

(2) Instead, the total of that expenditure, less the total of any amounts you
have already deducted in respect of that expenditure for income years before
1997-98, is taken to be allowable capital expenditure (new ACE) incurred by
you in the 1997-98 income year.

(3) If the old diminishing value provision that would have given rise to the
deduction is in Subdivision A (General mining) of Division 10 of Part III of
the Income Tax Assessment Act 1936, then the new ACE is taken to have been
incurred in carrying on eligible mining operations (other than in the course
of petroleum mining).

If, on the other hand, it is in Division 10AA (Prospecting and mining for
petroleum) of that Part, then the new ACE is taken to have been incurred in
carrying on eligible mining operations in the course of petroleum mining.

(4) The old diminishing value provisions are:
Item    In Subdivision A (General mining) of Division 10

of Part III of the Income Tax Assessment Act 1936
In Division 10AA (Prospecting and mining for
petroleum) of Part III of the Income Tax 
Assessment Act 1936 
1.      section 122D    section 124AD

2.      section 122DB   section 124ADB

3.      section 122DD   section 124ADD

4.      section 122DF   section 124ADF