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-D - Creating exploration credits  

SECTION 418-70   Entities that may create exploration credits  

418-70(1)  
An entity may create exploration credits for an income year if:


(a) the entity was a *greenfields minerals explorer in the income year; and


(b) the entity has an *exploration credits allocation for the income year or an *unused allocation of exploration credits from the immediately preceding income year.

418-70(2)  
The entity cannot create *exploration credits for an income year before income tax is assessed for the entity for the year.

418-70(3)  
The entity cannot create *exploration credits for the 2021-22 income year or a later income year.

418-70(4)  
A failure to comply with subsection (1) or (2) does not invalidate the creation of an *exploration credit.

418-70(5)  
An *exploration credit is to be expressed as an amount.

418-70(6)  
The entity cannot make more than one decision to create *exploration credits for an income year, and the decision is final and irrevocable.


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