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 418-82   When does an entity have an unused allocation of exploration credits from an income year  

418-82(1)  
An entity has an unused allocation of exploration credits from an income year if each of the following:


(a) the entity ' s *exploration credits allocation for the income year;


(b) the total credits issue for investment in the entity for the income year;

exceeds the total amount of all *exploration credits created by the entity for the income year.

418-82(2)  
The amount of the unused allocation of exploration credits from the income year is the lesser of:


(a) the amount by which the amount mentioned in paragraph (1)(a) exceeds the total amount of all *exploration credits created by the entity for the income year; and


(b) the amount by which the amount mentioned in paragraph (1)(b) exceeds the total amount of all *exploration credits created by the entity for the income year.

418-82(3)  
If neither the amount mentioned in paragraph (1)(a) nor (1)(b) exceeds the total amount of all *exploration credits created by the entity for the income year, there is no unused allocation of exploration credits from the income year, and the amount of any unused allocation of exploration credits from the income year is nil.

418-82(4)  
In this section:

total credits issue for investment
in the entity (the minerals explorer ) for an income year means the total of all *exploration credits that may be issued by the minerals explorer to all other entities in relation to *exploration investment made by those other entities in the minerals explorer in the income year if section 418-120 is complied with.


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