Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p9
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 9/50)
Character Range: 103886–106385

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.
 (7) If section 40‑115 of the new Act applies, or section 40‑125 of the new Act would, apart from this subsection, apply, to the real asset referred to in subsection (5) of this section, then:
 (a) if the real asset is split into 2 or more depreciating assets and you stop holding, or stop using for a taxable purpose, one or more but not all of the assets into which it is split—subsection (5) does not apply to that asset or assets into which it is split that you continue to hold and continue to use for a taxable purpose; or
 (b) if the real asset is merged into another depreciating asset—section 40‑125 does not apply to the asset into which it is merged while you continue to hold it.
 (8) Subsection (6) also applies to a case where:
 (a) you did not have an amount of unrecouped expenditure under Division 330 of the former Act at the end of 30 June 2001, but you had an amount of unrecouped expenditure under that Division before 30 June 2001; and
 (b) that expenditure relates to property that is not a depreciating asset (the other property); and
 (c) after that day, the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose.

40‑37  Post‑30 June 2001 mining expenditure
 (1) This section applies to you if:
 (a) you incur expenditure after 30 June 2001 under a contract entered into before that day; and
 (b) the expenditure would have been allowable capital expenditure, and you could have deducted an amount for it, under Division 330 of the former Act if you had incurred it before 1 July 2001; and
 (c) the expenditure does not relate to a depreciating asset.
 (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:
 (a) it has a cost at the time you incur the