Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.1120

Cost base and reduced cost base of exploration benefits etc.

                   If:

                     (a)  under a * farm-in farm-out arrangement, you receive an * exploration benefit; and

                     (b)  the benefit involves one or more undertakings of the kinds referred to in subparagraphs 40-1100(2)(a)(ii) and (iv);

the first element of the * cost base and the * reduced cost base of the benefit are reduced by the * market value of the undertakings.



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