This Draft Taxation Determination, issued on Wed 31.7.2013, states that an amount of expenditure incurred by an entity to identify or protect Aboriginal cultural heritage can be included in an entity’s pre-mining expenditure for a pre-mining project interest for an MRRT year under s 70-35 of the Mineral Resource Rent Tax Act 2012 if broadly:
- the entity necessarily incurred the amount of expenditure in carrying on the pre-mining project interest which would be an upstream mining operation;
- s 70-35(4) (regarding the amount of expenditure that is, or would be, excluded expenditure) does not apply; and
- the amount of expenditure is not included by another provision of the MRRT Act 2012 in the entity’s expenditure.
DATE OF EFFECT: When the final Determination is issued, it is proposed to apply both before and after its date of issue.
COMMENTS are due by 28 August 2013. ATO contact: Zoran Vukojevic – Tel: (08) 9268 0375; Fax: (08) 9268 8202; Email: zoran.vukojevic@ato.gov.au.
[LTN 146, 31/7/13]