Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 130.110

  (1)   This section applies if:

  (a)   an entity (the minerals explorer ) issues a * share in the minerals explorer to another entity (the investor ) during the 2017 - 18, 2018 - 19, 2019 - 20, 2020 - 21, 2021 - 22, 2022 - 23, 2023 - 24 or 2024 - 25 income year; and

  (b)   the Commissioner makes a determination under section   418 - 101 allocating exploration credits to the minerals explorer for the income year in which the share is issued; and

  (c)   the share is issued to the investor on or after the day on which the Commissioner's determination is made; and

  (d)   the share is an * equity interest.

  (2)   The * reduced cost base of the * share is to be reduced immediately before the disposal of the share by the amount worked out as follows:

where:

"investment period" means the period, within the income year in which the * share is issued to the investor, that:

  (a)   begins on the day on which the Commissioner makes the determination mentioned in paragraph   (1)(b); and

  (b)   ends at the end of the income year.

Table of sections

132 - 1   Lessee incurs expenditure to get lease term varied or waived

132 - 5   Lessor pays lessee for improvements

132 - 10   Grant of a long - term lease

132 - 15   Lessee of land acquires reversionary interest of lessor