Transcript 3886
PRESS STATEMENT NO. 558
16 September 1975
AUSTRALIAN INCOME TAX DEDUCTIONS FOR MINERAL EXPLORATION
EXPENDITURE IN PAPUA NEW GUINEA
The Prime Minister, Mr Whitlam, announced today
that transitional provisions in the Income Tax Assessment
Act 1975 relating to the allowance of deduction, for
Australian income tax purposes, of mineral exploration
expenditure incurred by Australian companies in Papua New
Guinea would be extended.
Amendments to the Australian income tax law
effected by the Income Tax Assessment Act 1975 provide that,