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-E - Issuing exploration credits  

SECTION 418-116   418-116   Exploration credits issued must be in proportion to exploration investment  


If an *exploration credit is issued by an entity (the minerals explorer ) for an income year to another entity (the investor ) in relation to *exploration investment made by the investor in the minerals explorer in an income year (the investment year ):


(a) the proportion of the *issue pool for exploration investment made in the minerals explorer in the investment year that is issued to the investor as an exploration credit must be the same as the proportion of the total exploration investment in the minerals explorer in the investment year that is represented by the investor ' s exploration investment in the minerals explorer in the investment year; and


(b) the minerals explorer must issue an exploration credit to every entity who made an exploration investment in the minerals explorer in the investment year.


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