Income Tax Assessment Act 1997



Division 418 - Exploration for minerals  

Subdivision 418-DA - Exploration credits allocation  

SECTION 418-102   General allocation rules  

The total amount of *exploration credits allocated to entities for an income year by the Commissioner must not exceed the *annual exploration cap for the year.

The Commissioner must consider applications for *exploration credits from entities for an income year in the order in which the Commissioner receives the applications.

If the Commissioner receives more than one application at the same time, the Commissioner may decide the order in which the Commissioner considers the applications.

If the Commissioner would contravene this section by allocating *exploration credits to an entity for an income year of an amount worked out under subsection 418-101(3) then, despite that subsection, the amount of exploration credits allocated to that entity for the income year is to be the difference between the *annual exploration cap for the year and the total amount of exploration credits already allocated to other entities for the year.


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