Consequential amendments
(Clauses 10 – 12, 19 – 24, 28, 34, 37, 39, 56 – 60, 64 76 – 85 and 103(2), (3), (5)– (7), (12), (14), (15), (17) – (36), (40) –(43), (47 – (51))
Although it is not intended to alter the current mineral mining rules in relation to loss ring-fencing, loss carry-forward and shareholder continuity, consequential amendments to Part I of the Act are necessary to delete provisions no longer relevant (such as those that relate to mining holding companies) and amend references to “mining company” so the rules apply, where relevant, to all entity types.
Other consequential amendments are also proposed to the following definitions in section YA 1:
- Asset
- Associated mining operations
- Commercial production
- Dispose
- Farm-out arrangement
- Holding company
- Income from mining (definition repealed)
- Initial treatment
- Listed industrial mineral (definition inserted)
- Mineral mining asset (definition inserted)
- Mining company (definition repealed)
- Mining development expenditure
- Mining exploration expenditure
- Mining holding company (definition repealed)
- Mining operations
- Mining or prospecting right
- Mining outgoing excess (definition repealed)
- Mining permit
- Mining permit area (definition repealed)
- Mining prospecting expenditure (definition inserted)
- Mining prospecting information
- Mining purposes (definition repealed)
- Mining rehabilitation expenditure (definition inserted)
- Mining share (definition repealed)
- Mining venture (definition repealed)
- Net mining loss
- Non-resident mining operator (definition repealed)
- Permit area
- Prescribed amount (definition repealed)
- Prescribed period (definition repealed)
- Prescribed proportion (definition repealed)
- Reinvestment profit (definition repealed)
- Resident mining operator (definition repealed)
- Residual expenditure
- Schedular income
- Specified mineral (definition repealed)
Application date
The amendments will apply from the beginning of the 2014–15 income year.