Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 130.110

Reducing the reduced cost base before disposal

             (1)  This section applies if:

                     (a)  an entity (the minerals explorer ) issues a * share in the minerals explorer to another entity (the investor ) during the 2017-18, 2018-19, 2019-20 or 2020-21 income year; and

                     (b)  the Commissioner makes a determination under section 418- 101 allocating exploration credits to the minerals explorer for the income year in which the share is issued; and

                     (c)  the share is issued to the investor on or after the day on which the Commissioner's determination is made; and

                     (d)  the share is an * equity interest.

             (2)  The * reduced cost base of the * share is to be reduced immediately before the disposal of the share by the amount worked out as follows:

where:

"investment period" means the period, within the income year in which the * share is issued to the investor, that:

                     (a)  begins on the day on which the Commissioner makes the determination mentioned in paragraph (1)(b); and

                     (b)  ends at the end of the income year.

Table of sections

132-1        Lessee incurs expenditure to get lease term varied or waived

132-5        Lessor pays lessee for improvements

132-10      Grant of a long-term lease

132-15      Lessee of land acquires reversionary interest of lessor



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