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-F - Excess exploration credits  

SECTION 418-151   Complying exploration credit amount  

418-151(1)  
The complying exploration credit amount (which may be nil) for an income year is worked out by:


(a) starting with the sum of the *exploration credits the entity issues for the income year; and


(b) subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and


(c) if the result of paragraph (b) exceeds the entity ' s *maximum exploration credit amount for the income year - subtracting from that result the amount of the excess.

Note:

The complying exploration credit amount is the sum of issued exploration credits that were issued (and created) in compliance with this Division. A liability arises under section 418-150 if the sum of all issued exploration credits exceeds this amount.

418-151(2)  
This subsection covers an *exploration credit to the extent to which either or both of the following apply to the credit:


(a) the credit was issued in contravention of a requirement in this Division;


(b) the credit was created in contravention of a requirement in Subdivision 418-D (other than section 418-85 ).

Note:

Because the maximum exploration credit amount from section 418-85 is taken into account in paragraph (1)(c) of this section, it is disregarded here.


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