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INCOME TAX ASSESSMENT ACT 1997 - SECT 59.15

Mining payments

             (1)  These are not assessable income and are not * exempt income:

                     (a)  a * mining payment made to a * distributing body;

                     (b)  a mining payment made to one or more * Indigenous persons, or applied for their benefit.

             (2)  A payment:

                     (a)  made to a * distributing body; or

                     (b)  made to one or more * Indigenous persons, or applied for their benefit;

is not assessable income and is not * exempt income if the payment is made by a * distributing body out of a * mining payment that it has received.

             (3)  A payment made to a * distributing body by another distributing body, out of a * mining payment received by the other distributing body, is taken to be a mining payment for the purposes of:

                     (a)  any further applications of subsection (2); and

                     (b)  any further applications of this subsection.

             (4)  Subsection (2) does not apply to a payment by a * distributing body for the purposes of meeting its administrative costs.

             (5)  This section does not apply to an amount paid to or applied for the benefit of a person if it is remuneration or consideration for goods or services provided by that person.



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