Section CU 10 — Income Tax Act 2007: Mining asset used to derive income other than income from mining

CU 10 Mining asset used to derive income other than income from mining When this section applies (1) This section applies when— (a) a mining company acquires an asset by incurring mining exploration expenditure or mining development expenditure; and (b) the company uses the asset, wholly or mainly, to derive income other than income from mining. Income (2) An amount equal to the market value that the asset has on the first day of each period in which it is used, wholly or mainly, to derive income other than income from mining is income from mining of the mining company. Timing of income (3) The income is allocated to the income year in which each first day falls. Company stops mining (4) A mining company that stops being a mining company before the end of the income year to which the income is allocated is treated as if it were still a mining company in the income year. Defined in this Act: asset , income , income from mining , income year , mining company , mining development expenditure , mining exploration expenditure , Compare: 2004 No 35 s CU 10