INCOME TAX ASSESSMENT ACT 1997
[ CCH Note: Div 418 will be repealed by No 15 of 2018, s 3 and Sch 1 item 49, effective 1 July 2023. No 15 of 2018, s 3 and Sch 1 items 68 - 73 contain the following saving provisions:
Division 2 - Saving provisions relating to repeal of Division 41868 Object
The object of this Division is to ensure that, despite the repeals and amendments made by Part 3 of this Schedule, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment commences, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment commences.69 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is amended by Part 3 of this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the amendment commences.70 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by Part 3 of this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment commences, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment commences. 71 Saving of provisions about general interest charge or shortfall interest charge
(a) a provision or part of a provision that is repealed or amended by Part 3 of this Schedule provides for the payment of:
(i) general interest charge or shortfall interest charge (within the meaning of the Income Tax Assessment Act 1997) ; or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and
(b) in a particular case, the period in respect of which the charge or interest is payable (whether under the provision or under the Taxation Administration Act 1953 ) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.72 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on a provision of an Act, and that provision is repealed by Part 3 of this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. 73 Division does not limit operation of section 7 of the Acts Interpretation Act 1901
This Division does not limit the operation of section 7 of the Acts Interpretation Act 1901 .
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.