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 418-103   Meaning of annual exploration cap  

418-103(1)  
The annual exploration cap for an income year is the following amount:


(a) for the 2017-18 income year - $15 million;


(b) for the 2018-19 income year - $25 million, plus the *exploration credits remainder for the immediately preceding income year;


(c) for the 2019-20 income year - $30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;


(d) for the 2020-21 income year - $30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph.

418-103(2)  
If the total amount of *exploration credits allocated by the Commissioner for an income year is less than the *annual exploration cap for the year, the difference is the exploration credits remainder for the income year.


 

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