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 418-103   Meaning of annual exploration cap  

418-103(1)    
The annual exploration cap for an income year is the following amount:

(a)    for the 2017-18 income year - $15 million;

(b)    for the 2018-19 income year - $25 million, plus the *exploration credits remainder for the immediately preceding income year;

(c)    for the 2019-20 income year - $30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

(d)    for the 2020-21 income year - $30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

(e)    

for the 2021-22 income year - $25 million;

(f)    

for the 2022-23 income year - $25 million, plus the exploration credits remainder for the immediately preceding income year;

(g)    

for the 2023-24 income year - $25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

(h)    

for the 2024-25 income year - $25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph.

418-103(2)    
If the total amount of *exploration credits allocated by the Commissioner for an income year is less than the *annual exploration cap for the year, the difference is the exploration credits remainder for the income year.


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