Document ID: chunk:federal_register_of_legislation:C2010C00576:clause:2_8:p2
Version: federal_register_of_legislation:C2010C00576
Segment Type: clause
Provision Reference: sch 2 cl 8 (pt 2/4)
Character Range: 18879–21450

or, if there is more than one such quarry, of the quarry that has the longest estimated life, as at the end of the present income year.

 (4) Sections 40‑95 and 40‑110 of the new Act do not apply to the expenditure.

 (5) If both of these paragraphs apply:
 (a) any of the expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property);
 (b) in an income year (the cessation year), the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose;
there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset's adjustable value as relates to the other property.

 (6) If the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose, you must include in your assessable income:
 (a) if the other property is sold for a price specific to that property—that price, less the expenses of the sale (to the extent the expenses are reasonably attributable to selling that particular property); or
 (b) if the other property is sold with additional property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or
 (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or
 (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or
 (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount.
However, the amount included is reduced to the extent (if any) that it is also included under subsection 40‑830(6) of the new Act.

40‑38  Mining cash bidding payments

 (1) This section applies to expenditure you incur, under a contract entered into before 30 June 2001, if:
 (a) the expenditure would have been a mining cash bidding payment under Subdivision 330‑D of the former Act; and
 (b) either:
 (i) you incurred the expenditure before that day but the grant of the mining authority concerned occurred on a day (the start day) after 30 June 2001; or
 (ii) the grant of the mining authority concerned occurred before 30 June 2001 but you incurred the expenditure on a day (also the start day) after 30 June 2001.

 (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset) you hold on this basis: