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-B - Junior minerals exploration incentive tax offset  

Amount of junior minerals exploration incentive tax offset

SECTION 418-30   Reduced amount of the tax offset for certain trusts  

418-30(1)  
If an entity is a trust in relation to which some, but not all, of the liability of the trustee to tax is provided under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936 , the amount of the entity ' s *tax offset under this Subdivision for an income year is:


The amount of the entity ' s *tax
offset apart from this section
× Income taxed under subsection 98(1) or
                  (2) or 99(2) or (3)                  
The *net income of the trust for the
income year

where:

income taxed under subsection 98(1) or (2) or 99(2) or (3)
is the amount of the *net income of the trust, for the income year, in relation to which the trustee is liable to tax under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936 .

418-30(2)  
If:


(a) an entity is a trust; and


(b) one or more *members of the trust are taken under section 418-20 to have been issued with one or more *exploration credits for an income year;

the amount of the entity ' s *tax offset, under section 418-25 or subsection (1) of this section, for the income year is reduced by the sum of amounts of the exploration credits taken to be issued to those members.


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