Document ID: chunk:federal_register_of_legislation:C2019A00059:clause:1_1:p4
Version: federal_register_of_legislation:C2019A00059
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/10)
Character Range: 10646–13299

asset is taken to be:
 (i) for the initial income year—40% of its cost; and
 (ii) for the next income year—40% of its cost; and
 (iii) for the income year after that next income year—20% of its cost; and
 (e) a *balancing adjustment event cannot occur for the single asset; and
 (f) a *CGT event cannot occur for the single asset; and
 (g) amounts are not deductible, by you or any other entity, for declines in value of any of the assets allocated to the pool for:
 (i) the part of the initial income year occurring on or after the entry into force of that treaty; or
 (ii) any subsequent income year.
 (5) The transfer of a pooled asset to another entity does not affect the operation of subsection (4) in relation to the single asset.

417‑40  Deduction for expenditure on mining site rehabilitation
 (1) You can deduct, for an income year, 10% of expenditure on *mining site rehabilitation that you incur in that year if the rehabilitation relates to the undertaking (by you or another entity) of *transitioned petroleum activities in relation to the *JPDA.
 (2) However, expenditure on these things is not deductible under this section:
 (a) acquiring land or an interest in land or a right, power or privilege to do with land;
 (b) a bond or security, however described, for performing *mining site rehabilitation;
 (c) *housing and welfare.

417‑45  Capital expenditure
 (1) For the purposes of section 40‑835, if:
 (a) a *project amount was allocated to a project pool before the *Timor Sea Maritime Boundaries Treaty entered into force; and
 (b) the project amount was expenditure for a purpose of undertaking *transitioned petroleum activities in relation to the *JPDA;
to the extent that the operation of the project in an income year relates to that expenditure, 10% of the project is taken to operate, in the year, for a *taxable purpose.
 (2) For the purposes of section 40‑835, if:
 (a) a *project amount was allocated to a project pool before the *Timor Sea Maritime Boundaries Treaty entered into force; and
 (b) the project amount was expenditure for a purpose of undertaking *transitioned petroleum activities otherwise than in relation to the *JPDA;
to the extent that the operation of the project in an income year relates to that expenditure, the project is taken to operate, in the year, for a *taxable purpose.
 (3) If subsection (1) or (2) applies to one or more *project amounts allocated to a project pool, for the income year (the initial income year) in which the *Timor Sea Maritime Boundaries Treaty entered into force or a later income year, calculate your deduction under section 40‑830 or 40‑832 for the project pool as