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 418-95   Effect on tax losses of creating exploration credits  

418-95(1)  
If an entity creates any *exploration credits for a *loss year, the amount of the entity ' s *tax loss for the loss year is reduced by the amount worked out as follows:


The sum of all the *exploration credits the entity creates for the *loss year
The entity ' s *corporate tax rate for the loss year

418-95(2)  
However, if the amount worked out under subsection (1) equals or exceeds what would (apart from this section) be the entity ' s *tax loss for the *loss year, that tax loss is taken to be nil.


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