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-DA - Exploration credits allocation  

SECTION 418-102   General allocation rules  

418-102(1)  
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.

418-102(2)  
The Commissioner must consider applications for *exploration credits from entities for an income year in the order in which the Commissioner receives the applications.

418-102(3)  
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.

418-102(4)  
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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