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CT 7: Meaning of petroleum mining asset
or “What counts as equipment or property used for petroleum mining”
You could also call this:

“Money earned from mineral mining and related activities is taxable income”

If you are a mineral miner, any money you earn from your mining operations or activities related to mining is considered income. This includes all the money you make from mining and any other work you do that is connected to your mining business.

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Next up: CU 2: Treatment of mining land

or “How mineral miners report income from selling mining land”
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Part C Income
Income from mineral mining

CU 1Mineral miner's income

  1. An amount that a mineral miner derives from their mining operations or associated mining operations is income of the mineral miner.

Notes
  • Section CU 1: replaced, on (applying for the 2014–15 and later income years), by section 14(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).