Section DZ 12 — Income Tax Act 2007: Mineral mining: 1954–2005

DZ 12 Mineral mining: 1954–2005 Section CU 4(1)(b)(ii) (1) For the purposes of section CU 4(1)(b)(ii) (Compensation for lost, destroyed, or damaged assets),— (a) for a mining company, the deduction is under— (i) section 153F of the Land and Income Tax Act 1954; or (ii) section 27 of the Land and Income Tax Amendment Act 1971; or (iii) section 216 of the Income Tax Act 1976; or (iv) section DN 1(5) of the Income Tax Act 1994; or (v) section DU 1(1) or (3) of the Income Tax Act 2004; and (b) for a resident mining operator or a non-resident mining operator, the deduction is under— (i) section 153J of the Land and Income Tax Act 1954; or (ii) section 31 of the Land and Income Tax Amendment Act (No 2) 1972; or (iii) section 216 of the Income Tax Act 1976; or (iv) section DN 1(5) of the Income Tax Act 1994; or (v) section DU 1(1) or (3) of the Income Tax Act 2004. Sections CU 11(1)(a)(ii) and DU 6(1)(a)(ii) (2) For the purposes of sections CU 11(1)(a)(ii) (Meaning of asset for sections CU 3 to CU 10 ) and DU 6(1)(a)(ii) (Depreciation),— (a) for a mining company, the expenditure is that referred to in section 27(3)(a) of the Land and Income Tax Amendment Act 1971; and (b) for a resident mining operator or a non-resident mining operator,— (i) the expenditure, for section CU 11(1)(a)(ii) , is that 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; and (ii) the asset, for section DU 6(1)(a)(ii) , is that 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. Section DU 12 (3) This subsection applies if section DU 12 (Amount written off by holding company) would have applied to a loan by a company to another company made on or before 31 March 1979 if the Income Tax Amendment Act 1979 had not been enacted. The section applies, as far as applicable, to such a loan as if section 45 of the Income Tax Amendment Act 1979 were the only provision of it that had been enacted. Section DU 12(5) (4) For the purposes of section DU 12(5) , if the holding company that made the loan was a mining holding company and made the loan wholly or partly out of payments that it received and for which any person was allowed a deduction under section 159 of the Income Tax Act 1976, the part of the amount calculated under section DU 12(3) that arises from those payments is reduced by one-third. Defined in this Act: company , deduction , holding company , mining company , mining holding company , non-resident mining operator , pay , resident mining operator , Compare: 2004 No 35 s DZ 12