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CU 1: Mineral miner's income
or “Money earned from mineral mining and related activities is taxable income”
You could also call this:

“How mineral miners report income from selling mining land”

When you’re a mineral miner and you buy land or get rights to use land for mining, either now or in the future, this law applies to you. The land you buy must be part of a mining permit area or right next to it. It can also be land that you plan to use as part of a mining permit area or land next to it.

If you sell this land or your rights to it later, the money you get from selling it counts as income. You need to report this income in the same year that you sell the land.

Section CU 2 of the Income Tax Act 2007 talks about this in more detail.

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Next up: CU 3: Disposal of mineral mining assets

or “ Rules for when you sell or dispose of mining equipment ”
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Part C Income
Income from mineral mining

CU 2Treatment of mining land

  1. This section applies when—

  2. a mineral miner acquires land or an interest in land for the purposes of current or intended mining operations or associated mining operations; and
    1. the land—
      1. constitutes a mining permit area or is land adjacent to it:
        1. forms, or is intended to form, part of a mining permit area or land adjacent to it.

        2. An amount that the mineral miner derives from disposing of the land or interest in land is income of the mineral miner for the income year of disposal.

        Notes
        • Section CU 2: 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).