Document ID: chunk:federal_register_of_legislation:C2004C01244:clause:1_158
Version: federal_register_of_legislation:C2004C01244
Segment Type: clause
Provision Reference: sch 1 cl 158
Character Range: 38464–39088

158  Subsection 122JF(1)
Repeal the subsection, substitute:

 (1) Subject to this section, expenditure incurred by the taxpayer after 15 August 1989 and before the 1997-98 year of income on exploration or prospecting for materials obtainable by eligible quarrying operations is an allowable deduction in the year of income the expenditure was incurred.

Note:  Subdivision 330-A of the Income Tax Assessment Act 1997 gives a taxpayer a deduction for expenditure incurred on exploration or prospecting for quarry materials obtainable by eligible quarrying operations in the 1997-98 year of income or a later year of income.