Compare documents

Taxation Determination TD 93/24 stated that no deduction was available under section 124ADG of the Income Tax Assessment Act 1936 for capital expenditure transferred via a section 124AB notice where the taxpayer did not have a petroleum field or proposed petroleum field.

Section 330-110 of the Income Tax Assessment Act 1997 now makes it clear that a taxpayer must be carrying on eligible mining or quarrying operations on one or more mining or quarrying properties or petroleum fields to qualify for this kind of deduction.The Determination is therefore withdrawn because the new provision is clear and needs no further explanation.