Income Tax Assessment Act 1997



Division 418 - Exploration for minerals  

Subdivision 418-D - Creating exploration credits  

SECTION 418-75   Meaning of greenfields minerals explorer  

An entity is a greenfields minerals explorer in an income year if:

(a) the entity has *greenfields minerals expenditure for the income year; and

(b) during the income year, the entity is a disclosing entity (within the meaning of section 111AC of the Corporations Act 2001 ); and

(c) during the income year, the entity is a *constitutional corporation; and

(d) during the income year, and during the immediately preceding income year, neither:

(i) the entity; nor

(ii) any other entity that is *connected with or is an *affiliate of the entity;
carried on any mining operations on a mining property for extracting *minerals (except *petroleum) from their natural site, for the *purpose of producing assessable income.

However, an entity is not a greenfields minerals explorer in an income year in which either or both of the following happens, or in any subsequent income year:

(a) the entity fails to comply with a request of the Commissioner under subsection 418-80(5) ;

(b) a determination under section 418-185 has effect.

Note 1:

Under subsection 418-80(5) , the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure.

Note 2:

Under section 418-185 , the Commissioner may determine that an entity that is, or has been, liable to excess exploration credit tax is not to be treated as a greenfields minerals explorer.


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