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 DIRECT TAXES - Taxation of
Resource Projects
(click on
heading below then click again)
Income
Tax
Additional Profits Tax
Allowable Capital Expenditure
Allowablel Exploration Expenditure
Additional Exploration Deductions
Accelerated Deductions
 Operating
Expenses
Interest
Deductions
Infrastructure
Credit
Mining
Levy
Operating
Expenses
Companies are entitled to
deductions for their share of operating expenses incurred by the operators in
a resource project. They are also entitled to deductions for sole costs
incurred by themselves in accordance with provisions applying to resource
projects under Division 10 and under general tax provisions.
Interest
Deductions
If in any year, the
debt/equity ratio is greater than 3:1 for a resource project, the deduction
allowed for interest in that year is limited to the amount which would have
been payable if the debt/equity ratio had been 2:1.
Infrastructure
Credit
Resource companies are
allowed a full credit for the cost of any approved infrastucture developments
that they undertake for the benefit of the community in which they operate
(or other areas). The deduction is limited to the lesser of 0.75% (reduced
from 2% from Jan 2001) of assessable income or tax payable for the year.
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