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CU 2: Treatment of mining land
or “How mineral miners report income from selling mining land”
You could also call this:

“ Rules for when you sell or dispose of mining equipment ”

When you sell or get rid of something you use for mining minerals, the money you get from it counts as income. This applies if you’re someone who mines minerals.

However, there’s an exception to this rule. If you have a farm-out arrangement for your mining operations, a different rule applies. You can find more information about this exception in section CX 43.

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Next up: CU 4: Recovery of certain expenditure

or “Repaying tax deductions when mineral exploration costs lead to production”
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Part C Income
Income from mineral mining

CU 3Disposal of mineral mining assets

  1. The consideration that a mineral miner derives from disposing of a mineral mining asset is income of the mineral miner.

  2. This section is overridden by section CX 43 (Farm-out arrangements for mining operations).

Notes
  • Section CU 3: 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).