Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p9
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 20172–23120

of the Principal Act is amended by adding ", being
operations carried on for the purpose of gaining or producing assessable
income" at the end of the definition of "prescribed petroleum operations" in
subsection (1).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 16
Allowable capital expenditure in respect of cash bidding payments for
exploration permits and production licences

  16. Section 124ABA of the Principal Act is amended:
  (a) by inserting ", if the amount is incurred in carrying on prescribed
petroleum operations or for the purpose of exploring or prospecting for
petroleum obtainable by prescribed petroleum operations" after "grant of a
production licence" in paragraph (a) of the definition of "licence cash
bidding payment" in subsection (6);
  (b) by inserting ", if the amount is incurred in carrying on prescribed
petroleum operations or for the purpose of exploring or prospecting for
petroleum obtainable by prescribed petroleum operations" after "grant of an
exploration permit" in paragraph (a) of the definition of "permit cash bidding
payment" in subsection (6).

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 17
Exploration and prospecting expenditure

  17. Section 124AH of the Principal Act is amended by omitting from
subsection (1) and subparagraph (4C)(b)(i) "the purpose of discovering
petroleum" and substituting "petroleum obtainable by prescribed petroleum
operations".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 18
Application of amendments

  18. The amendments made by this Division apply in relation to expenditure
incurred after 7.30 p.m., by standard time in the Australian Capital
Territory, on 21 August 1990.

Division 3 - Amendments relating to deductions allowable to life assurance
             companies

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 19
Object of Division

  19. The object of this Division is to modify certain provisions relating to
deductions allowable to life assurance companies.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 20
Reduction in deductions that do not exclusively relate to producing
assessable income

  20. Section 111C of the Principal Act is amended by adding at the end the
following subsection:
  "(3) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsection (2) of this section.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 21
Expenses of general management

  21. Section 113 of the Principal Act is amended by inserting after
subsection (2) the following subsection:
  "(2A) Paragraph 275(2)(a) (which relates to the transfer of taxable
superannuation contributions to life assurance companies) is to be disregarded
for the purposes of subsections (1) and (2) of this section.".

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
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