Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:1_6:p10
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 10/18)
Character Range: 139097–141949

or carbon dioxide;
whether or not that substance has been returned to a natural reservoir.

 (7) Mining operations means:
 (a) mining operations on a mining property for extracting *minerals (except *petroleum) from their natural site; or
 (b) mining operations for the purpose of obtaining petroleum; or
 (c) quarrying operations on a quarrying property for extracting quarry materials from their natural site;
for a *taxable purpose.

 (8) Mining, quarrying or prospecting information is geological, geophysical or technical information that:
 (a) relates to the presence, absence or extent of deposits of *minerals or quarry materials in an area; or
 (b) is likely to help in determining the presence, absence or extent of such deposits in an area.

40‑735  Deduction for expenditure on mining site rehabilitation

 (1) You can deduct for an income year expenditure you incur in that year to the extent it is on *mining site rehabilitation of:
 (a) a site on which you:
 (i) carried on *mining operations; or
 (ii) conducted *exploration or prospecting; or
 (iii) conducted *ancillary mining activities; or
 (b) a *mining building site.

Note: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20‑A.

 (2) However, a provision of this Act (except Division 8 (which is about deductions)) that expressly prevents or restricts the operation of that Division applies in the same way to this section.

 (3) However, you cannot deduct expenditure under subsection (1) to the extent that it forms part of the *cost of a *depreciating asset.

 (4) Mining site rehabilitation is an act of restoring or rehabilitating a site or part of a site to, or to a reasonable approximation of, the condition it was in before *mining operations, *exploration or prospecting or *ancillary mining activities were first started on the site, whether by you or by someone else.

 (5) Partly restoring or rehabilitating such a site counts as mining site rehabilitation (even if you had no intention of completing the work).

 (6) For a *mining building site, the time when *ancillary mining activities were first started on the site is the earliest time when the buildings, improvements or *depreciating assets concerned were located on the site.

40‑740  Meaning of ancillary mining activities and mining building site

 (1) Any of the following are ancillary mining activities:
 (a) preparing a site for you to carry on *mining operations;
 (b) providing water, light or power for, access to, or communications with, a site on which you carry on, or will carry on, mining operations;
 (c) *minerals treatment of *minerals or minerals treatment of quarry materials, obtained by you in carrying on mining operations;
 (d) storing (whether before or after minerals treatment) such minerals, petroleum or quarry