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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances    View history reference

Subdivision 40-K - Farm-in farm-out arrangements    View history reference

Guide to Subdivision 40-K

SECTION 40-1095  What this Subdivision is about  

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The costs and termination values of parts of interests in mining, quarrying or prospecting rights that are transferred under farm-in farm-out arrangements are reduced by the market value of the exploration benefits conferred under the arrangements.


TABLE OF SECTIONS

Farm-in farm-out arrangements and exploration benefits
40-1100Meaning of farm-in farm-out arrangement and exploration benefit
Consequences for transferors
40-1105Treatment of certain exploration benefits received under farm-in farm-out arrangements
40-1110Cost of split interests resulting from farm-in farm-out arrangements
40-1115Deductions relating to receipt of exploration benefits
40-1120Cost base and reduced cost base of exploration benefits etc.
40-1125Effect of exploration benefits on the cost of mining, quarrying or prospecting information
Consequences for transferees
40-1130Consequences of certain exploration benefits provided under farm-in farm-out arrangements


 



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