Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014 (Cth)

Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014

No. 69, 2014

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Capital allowances Part 1—Amendments Income Tax Assessment Act 1997 Part 2—Application of amendments

Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014 No. 69, 2014

An Act to amend the law relating to taxation, and for related purposes

[Assented to 30 June 2014]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax and Superannuation Laws Amendment (2014 Measures No. 3) Act 2014.

2 Commencement This Act commences on the day after this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Capital allowances

Part 1—Amendments

Income Tax Assessment Act 1997

1 At the end of subsection 40‑80(1) Add: ; and (d) in a case where the asset is a *mining, quarrying or prospecting right—you acquired the asset from an *Australian government agency or a *government entity; and (e) in a case where the asset is *mining, quarrying or prospecting information: (i) you acquired the asset from an Australian government agency or a government entity; or (ii) the asset is a geophysical or geological data package you acquired from an entity to which subsection (1AA) applies; or (iii) you created the asset, or contributed to the cost of its creation; or (iv) you caused the asset to be created, or contributed to the cost of it being created, by an entity to which subsection (1AA) applies.

2 After subsection 40‑80(1) Insert: (1AA) This subsection applies to an entity if, at the time of the acquisition referred to in subparagraph (1)(e)(ii) or the creation referred to in subparagraph (1)(e)(iv), the entity predominantly carries on a *business of providing *mining, quarrying or prospecting information to other entities that: (a) carry on *mining and quarrying operations; or (b) it would be reasonable to conclude propose to carry on such operations; or (c) carry on a business of, or a business that included, *exploration or prospecting for *minerals or quarry materials obtainable by such operations. (1AB) If an amount is included in the second element of the *cost of a *depreciating asset, subsection (1) applies in relation to that amount only if: (a) your first use of the asset, after the inclusion of the amount in the second element, is for *exploration or prospecting for *minerals, or quarry materials, obtainable by *mining and quarrying operations; and (b) at the time of that first use: (i) you satisfy paragraph (1)(b) as if that first use was your first use of the asset; and (ii) you satisfy paragraph (1)(c) as if the time of that first use was the asset's *start time; and (c) if the amount relates to a *mining, quarrying or prospecting right—after the inclusion of the amount in the second element, you satisfy paragraph (1)(d) in relation to the right; and (d) if the amount relates to *mining, quarrying or prospecting information—after the inclusion of the amount in the second element, you satisfy paragraph (1)(e) in relation to the information. (1AC) If subsection (1) does not apply to a *depreciating asset: (a) the fact that subsection (1) does not apply to the asset does not prevent the application of subsection (1AB) to an amount included in the second element of the *cost of the asset; but (b) subsection (1) only affects the asset's decline in value to the extent that the asset's cost consists of that amount.