INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 418 - Exploration for minerals  

Subdivision 418-DA - Exploration credits allocation  

SECTION 418-100   Applying for an exploration credits allocation  

418-100(1)  
An entity may apply to the Commissioner for a determination under section 418-101 allocating *exploration credits to the entity for an income year.

418-100(2)  
The application must be made within 1 month before the start of the *financial year corresponding to the income year for which the allocation is sought.

418-100(3)  
The application must:


(a) be *lodged electronically; and


(b) be in the *approved form; and


(c) include an estimate of:


(i) the entity ' s *greenfields minerals expenditure for the income year; and

(ii) the entity ' s *tax loss for the income year; and

(iii) the entity ' s *corporate tax rate for the income year.

418-100(4)  
The Commissioner must give the entity:


(a) if the Commissioner makes a determination under section 418-101 - a copy of the determination; or


(b) if the Commissioner decides to refuse the application - notice of that decision.


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