Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:1_1:p5
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 5/18)
Character Range: 17434–19982

these:
 (i) the number equal to the difference between 10 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible;
 (ii) the number equal to the number of whole years in the estimated life of the mine, or proposed mine, on the mining property, or, if there is more than one such mine, of the mine that has the longest estimated life, as at the end of the present income year; or
 (b) for an amount of unrecouped expenditure in respect of expenditure incurred in carrying on eligible mining operations in the course of petroleum mining is the lesser of these:
 (i) the number equal to the difference between 10 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible;
 (ii) the number equal to the number of whole years in the estimated life of the petroleum field or proposed petroleum field as at the end of the present income year; or
 (c) for an amount of unrecouped expenditure in respect of expenditure incurred in carrying on eligible quarrying operations the lesser of these:
 (i) the number equal to the difference between 20 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible; and
 (ii) the number equal to the number of whole years in the estimated life of the quarry, or proposed quarry, on the quarrying property, 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 unrecouped expenditure.

 (5) If either:
 (a) both of these subparagraphs apply:
 (i) any of the unrecouped expenditure referred to in subsection (1) relates to a depreciating asset (the real asset);
 (ii) in an income year (the cessation year) you stop holding the real asset, or stop using it for a taxable purpose; or
 (b) both of these subparagraphs apply:
 (i) any of the unrecouped expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property);
 (ii) in 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 real asset or the other property and has not been taken into