Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p24
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 24/50)
Character Range: 138317–140816

Division 40 and:
 (a) if the expenditure on the asset was incurred in relation to eligible mining operations other than in the course of petroleum mining—the shorter of:
 (i) 10 years; and
 (ii) the number of whole years in the estimated life of the mine or proposed mine to which the expenditure relates or, if there is more than one such mine, of the mine that has the longest estimated life; or
 (b) if the expenditure on the asset was incurred in relation to eligible mining operations in the course of petroleum mining—the shorter of:
 (i) 10 years; and
 (ii) the number of whole years in the estimated life of the petroleum field or proposed petroleum field to which the expenditure relates; or
 (c) if the expenditure on the asset was incurred in relation to eligible quarrying operations—the shorter of:
 (i) 20 years; or
 (ii) the number of whole years in the estimated life of the quarry or proposed quarry to which the expenditure relates or, if there is more than one such quarry, of the quarry that has the longest estimated life.

40‑77  Mining, quarrying or prospecting rights or information held before 1 July 2001
 (1) Division 40 of the new Act does not apply to a mining, quarrying or prospecting right that you started to hold before 1 July 2001.
Note: If you incur expenditure relating to assets of that kind, you cannot deduct it under Division 40. However, the expenditure may be taken into account in calculating a capital gain or capital loss under Part 3‑1 or 3‑3 of the Income Tax Assessment Act 1997.
 (1A) Division 40 of the new Act does not apply to a renewal or extension of a mining, quarrying or prospecting right that you started to hold before 1 July 2001.
 (1B) Subsection (1) applies to a mining, quarrying or prospecting right (the new right) that you start to hold on or after 1 July 2001 as if you had started to hold the new right before that day if:
 (a) you started to hold another mining, quarrying or prospecting right before that day; and
 (b) the other right ends on or after that day; and
 (c) the new right and the other right relate to the same area, or any difference in area is not significant.
 (1C) Division 40 of the new Act does not apply to a mining, quarrying or prospecting right if:
 (a) a company (the original holder) started to hold the right before 1 July 2001; and
 (b) the right is transferred after that day to another company where:
 (i) the other company is a member of the same wholly‑owned group as the original holder and was a