Section CU 9 — Income Tax Act 2007: Previous deduction for income appropriated

CU 9 Previous deduction for income appropriated Income (1) An amount equal to the amount for which a mining company is allowed a deduction under section DU 4 (Income appropriated to expenditure) is income from mining of the mining company. Timing of income (2) The income is allocated to the income year following the income year in which the mining company is allowed the deduction. Company stops mining (3) 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: amount , deduction , income from mining , income year , mining company , Compare: 2004 No 35 s CU 9