Limiting the immediate tax deduction for exploration expenditure
2014
The effect of recent amendments to the Tax and Superannuation Laws Amendment (2014 Measures No.3) Act is that the immediate deduction for the cost of acquiring mining rights and information that are first used for exploration is limited to specific and narrow circumstances. The amendments also restrict taxpayer control over the calculation of the effective life of mining information, although they do provide a middle ground effective life for mining rights that was not previously available.
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