Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 (15 of 2018)
Schedule 1 Junior minerals exploration incentive
Part 4 Application, transitional and saving provisions
Division 1 Application and transitional provisions
66 Transitional provisions relating to the 2017-18 income year
(1) Despite subsection 418-100(2) of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule, an application to the Commissioner for a determination allocating exploration credits to an entity for the 2017-18 income year must be made during the period of one month starting on the later of:
(a) the eleventh business day after the day on which this Act receives the Royal Assent; and
(b) the day on which this item commences.
(2) Nothing in subitem (1) affects the rules in subsection 418-102(2) or (3) of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule.
(3) To avoid doubt:
(a) there can be no allocation of exploration credits for the 2016-17 income year by the Commissioner under section 418-101 of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule; and
(b) there can be no unused allocation of exploration credits from the 2016-17 income year for the purposes of that Act, as amended by this Schedule.