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Exploration issues paper

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Published on 17 Oct 12 by NATIONAL DIVISION, THE TAX INSTITUTE

What comprises exploration activity and exploration expenditure is a critical issue for resource companies for both income tax and resource rent tax purposes. While exploration expenditure deductions have been a feature of the tax law for decades, ensuring the exploration deduction provisions operate as intended is as important to the industry now as it has ever been.

This paper examines topical exploration and related issues, including:

  • the policy behind exploration deductions
  • differences between corporate tax, PRRT and MRRT classification of exploration
  • common law vs extended law interpretations of exploration
  • the asset “first use” concept for income tax
  • recent precedent and ATO views
  • where to from here?

Author profiles

Andrew Nelson CTA
Andrew Nelson, CTA, has been a partner with EY since 2008 and has 23 years experience providing international and corporate taxation advisory services to Australian outbound and multinational clients investing into Australia. Commencing his early career with a resource industry and US inbound focus, Andrew now specialises in providing international tax support for cross border transactions across a broad industry base. Recent transactions include cross border M&A and financing projects in the asset management, private equity, consumer products, technology, media and entertainment and oil and gas and mining industries. From 2014 to 2017 Andrew was based in New York as the leader of the Australian team in the Global Tax Desk network, a role that involved immersion in the OECD BEPS developments impacting on global corporate M&A and financing. Now based back in Perth Australia, Andrew holds a Masters of International Taxation from the University of Melbourne and holds a senior leadership role within the EY Oceania international Tax practice. - Current at 23 February 2023
Click here to expand/collapse more articles by Andrew NELSON.
Basil Mistilis
Basil is a Partner with Ernst & Young and is the leader of Ernst & Young’s tax practice in Perth. A qualified chartered accountant with more than 20 years experience, Basil specialises in providing tax advice to companies in the resources industry. Basil has participated in government liaison on key tax policies affecting the resources industry (including resource rent taxes) and has worked on submissions for various industry bodies. - Current at 17 October 2102
Click here to expand/collapse more articles by Basil MISTILIS.
Shigeaki Inoue CTA
Shigeaki is a Senior Manager at Ernst & Young. - Current at 17 October 2012

 

This was presented at 2012 National Resources Tax Conference .

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Individual sessions

Preparing for tax disputes

Author(s):  John W DE WIJN,  Andrew BROADFOOT

Materials from this session:

The resources joint venture

Author(s):  Jonathon LEEK,  Peter JAROSEK

Materials from this session:

Exploration issues

Author(s):  Andrew NELSON,  Basil MISTILIS,  Shigeaki INOUE

Materials from this session:

Valuations - Preparing a defensible valuation

Author(s):  Stephen REID,  Thimendra KARAWDENIYA

Materials from this session:

The new R&D tax incentive and the resources sector

Author(s):  Kris GALE

Materials from this session:

Tax effective funding for exploration or developing a mine - alternatives to farm-out arrangements

Author(s):  Hayden BENTLEY

Materials from this session:

MRRT - Where are we now?

Author(s):  James STRONG

Materials from this session:

Tax issues arising for globally mobile employees

Author(s):  Ben TRAVERS,  Daniel Hodgson

Materials from this session:

Farmout arrangements - Fallout from the ATO rulings

Author(s):  Nick HEGGART

Materials from this session:

Roadmap for Australian resource companies investing overseas

Author(s):  Mathew CHAMBERLAIN

Materials from this session:

Keeping our ear to the ground - The ATOs administration of the resource rent taxes

Author(s):  Stephanie MARTIN

Materials from this session:

Fixtures: What stamp duty can teach you about income tax

Author(s):  Antony BARRIER,  Philip BISSET

Materials from this session:

Further details about this event:

 

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