Income tax: treatment of an amount of 'excess deduction' under the 'loss' election provisions by a taxpayer carrying on mining, petroleum or quarrying operations

Taxation Ruling TR 97/10 is withdrawn with effect from today.

Amendments inserted by the New Business Tax System (Integrity and Other Measures) Act 1999 mean that the provisions that previously gave rise to 'excess deductions' will no longer operate in the 1999-2000 income year or later years. These amendments effectively end the concept of 'excess deductions' thus making Taxation Ruling TR 97/10 redundant to the application of the current law.