Income Tax Assessment Act 1997
An entity is entitled to a *tax offset for an income year if:
(a) the entity is a *life insurance company; and
(b) an *exploration credit is issued to the entity under Subdivision 418-E for the income year; and
(c) the entity is an Australian resident during the whole of that income year; and
(d) were the exploration credit to be a *franked distribution made:
(i) by the same entity that issued the credit; and
the exploration credit would give rise to a *tax offset for the entity that would be subject to the refundable tax offset rules because of paragraph 67-25(1C)(b) or (1D)(b) .
(ii) in the same circumstances in which the credit was issued;
(a) an *exploration credit is issued to a *life insurance company; and
(b) paragraph (1)(d) applies in relation to only part of the exploration credit;
this Division applies as if that part of the exploration credit, and the part of the exploration credit in relation to which that paragraph does not apply, were 2 separate exploration credits issued to the life insurance company.