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-C - Junior minerals exploration incentive franking credit  

SECTION 418-55   Junior minerals exploration incentive franking credit - life insurance company  

418-55(1)    
A *franking credit arises in the *franking account of a *life insurance company if:

(a) an *exploration credit is issued to the life insurance company under Subdivision 418-E during an income year; and

(b) paragraph 418-15(1)(d) does not apply in relation to the exploration credit; and

(c) if that paragraph were to apply in relation to the credit, the life insurance company would be entitled to a *tax offset under Subdivision 418-B in relation to the exploration credit.

418-55(2)    
The amount of the *franking credit is the amount of the *tax offset to which the *life insurance company would be entitled under Subdivision 418-B if no other *exploration credits were issued to the life insurance company during the income year.

418-55(3)    
The *franking credit arises at the same time the *exploration credit is issued.