Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.
Subdiv 40-H inserted by No 76 of 2001.
S 40-751 repealed by No 96 of 2014, s 3 and Sch 1 item 18, effective 30 September 2014. For transitional provisions see note under s 15-85. S 40-751 formerly read:
SECTION 40-751 Deduction for payments of minerals resource rent tax
40-751(1) You can deduct a payment of *MRRT, or an instalment of MRRT payable under Division 115 in Schedule 1 to the Taxation Administration Act 1953, that you make in an income year.
If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20-A. Similarly, a refund of excess rehabilitation tax offsets you get under section 225-25 of the Minerals Resource Rent Tax Act 2012 is assessable income: see section 15-85.
40-751(2) If you deduct an instalment of *MRRT under subsection (1), you cannot also deduct any of the following amounts when applied under Division 3 of Part IIB of the Taxation Administration Act 1953:
(a) the amount of the payment of the instalment;
(b) the amount of a credit arising under section 115-20 in Schedule 1 to the Taxation Administration Act 1953 in respect of the instalment.
40-751(3) If you deduct a payment of *MRRT under subsection (1), you cannot also deduct the corresponding amount applied under Division 3 of Part IIB of the Taxation Administration Act 1953.
S 40-751 inserted by No 14 of 2012, s 3 and Sch 3 item 32, effective 1 July 2012. For application and transitional provisions see note under s 15-85.