Section CZ 2 — Income Tax Act 2007: Mining company’s 1970–71 tax year

CZ 2 Mining company’s 1970–71 tax year When this section applies (1) This section applies when— (a) section 152 or 153 of the Land and Income Tax Act 1954 (as in force before the commencement of section 153F of the Act) applied to a mining company for the 1970–71 tax year; and (b) the company acquires an asset by incurring the exploration expenditure or development expenditure referred to in section 27(3)(a) of the Land and Income Tax Amendment Act 1971. Application of subpart CU (2) The provisions of subpart CU (Income from mineral mining) apply, with any necessary modifications, as follows: (a) section CU 3 (Disposal of assets) applies to the company as if every reference in the section to an asset included a reference to an asset of the kind described in subsection (1)(b) that the company disposes of in the 1971–72 tax year or a later tax year: (b) section CU 3 applies to a person who acquires an asset of the kind described in subsection (1)(b) from the company as if every reference in the section to an asset included a reference to such an asset that the person acquires in the 1971–72 tax year or a later tax year: (c) section CU 10 (Mining asset used to derive income other than income from mining) applies to the company as if every reference in the section to an asset included a reference to an asset of the kind described in subsection (1)(b) that the company uses, wholly or mainly, to derive income other than income from mining in the 1971–72 tax year or a later tax year. Resident and non-resident mining operators (3) This section applies, with any necessary modifications, to an asset of the kind referred to in paragraph (i) of item “ a ” of the formula in section 31(3) of the Land and Income Tax Amendment Act (No 2) 1972 that a resident mining operator acquires or that a non-resident mining operator acquires. Defined in this Act: income , income from mining , mining company , non-resident mining operator , resident mining operator , tax year , Compare: 2004 No 35 s CZ 2