Income Tax Assessment Act 1997
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.
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 ).
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.