Income Tax Assessment Act 1997
Div 418 inserted by No 21 of 2015, s 3 and Sch 6 item 2, applicable from the 2017-18 to 2021-25 income years, allowing a distribution in those years. The Exploration Development Incentive (EDI) applied from the 2014-15 to 2016-17 years of income, replaced by the Junior Minerals Exploration Incentive (JMEI), of broadly similar operation, applicable for an initial period from the 2017-18 to 2020-21 years of income, extended for a further 4 years, for the 2021-22 to 2024-25 years of income, by Act No 72 of 2021, Sch 2.
Subdiv 418-F inserted by No 21 of 2015, s 3 and Sch 6 item 2, applicable in relation to the 2015-16, 2016-17 and 2017-18 income years. For application and transitional provisions relevant to subsequent years see note under Subdiv 418-DA heading.
Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if:
(a) the reference in that section to a person carrying on a business were a reference to a *corporate tax entity; and
(b) the reference in paragraph (2)(a) of that section to the person ' s income and expenditure were a reference to the entity ' s liability to pay *excess exploration credit tax; and
(c) paragraph (5)(a) of that section were omitted.
S 418-180 inserted by No 21 of 2015, s 3 and Sch 6 item 2, applicable in relation to the 2015-16, 2016-17 and 2017-18 income years. For application and transitional provisions relevant to subsequent years see note under Subdiv 418-DA heading.
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