Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 (15 of 2018)

Schedule 1   Junior minerals exploration incentive

Part 1   Main amendments

Income Tax Assessment Act 1997

4   After section 418-150


418-151 Complying exploration credit amount

(1) The complying exploration credit amount (which may be nil) for an income year is worked out by:

(a) starting with the sum of the *exploration credits the entity issues for the income year; and

(b) subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and

(c) if the result of paragraph (b) exceeds the entity's *maximum exploration credit amount for the income year - subtracting from that result the amount of the excess.

Note: The complying exploration credit amount is the sum of issued exploration credits that were issued (and created) in compliance with this Division. A liability arises under section 418-150 if the sum of all issued exploration credits exceeds this amount.

(2) This subsection covers an *exploration credit to the extent to which either or both of the following apply to the credit:

(a) the credit was issued in contravention of a requirement in this Division;

(b) the credit was created in contravention of a requirement in Subdivision 418-D (other than section 418-85).

Note: Because the maximum exploration credit amount from section 418-85 is taken into account in paragraph (1)(c) of this section, it is disregarded here.