Income Tax Assessment Act 1997



Division 418 - Exploration for minerals  

Subdivision 418-C - Junior minerals exploration incentive franking credit  

SECTION 418-50   Junior minerals exploration incentive franking credit - ordinary case  

A *franking credit arises in the *franking account of a *corporate tax entity (other than a *life insurance company) if:

(a) an *exploration credit is issued to the entity under Subdivision 418-E during an income year; and

(b) if the entity were not a corporate tax entity, the entity would be entitled to a *tax offset under Subdivision 418-B in relation to the exploration credit.

The amount of the *franking credit is the amount of the *tax offset to which the entity would be entitled under Subdivision 418-B if:

(a) the entity were not a *corporate tax entity; and

(b) no other *exploration credits were issued to the entity during the income year.

The *franking credit arises at the same time the *exploration credit is issued.


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