INCOME TAX ASSESSMENT ACT 1997
[ CCH Note: Div 418 will be repealed by No 15 of 2018, s 3 and Sch 1 item 49, effective 1 July 2023. No 15 of 2018, s 3 and Sch 1 items 68 - 73 contain the following saving provisions:
Division 2 - Saving provisions relating to repeal of Division 41868 Object
The object of this Division is to ensure that, despite the repeals and amendments made by Part 3 of this Schedule, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment commences, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment commences.69 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is amended by Part 3 of this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the amendment commences.70 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by Part 3 of this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment commences, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment commences. 71 Saving of provisions about general interest charge or shortfall interest charge
(a) a provision or part of a provision that is repealed or amended by Part 3 of this Schedule provides for the payment of:
(i) general interest charge or shortfall interest charge (within the meaning of the Income Tax Assessment Act 1997) ; or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and
(b) in a particular case, the period in respect of which the charge or interest is payable (whether under the provision or under the Taxation Administration Act 1953 ) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.72 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on a provision of an Act, and that provision is repealed by Part 3 of this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. 73 Division does not limit operation of section 7 of the Acts Interpretation Act 1901
This Division does not limit the operation of section 7 of the Acts Interpretation Act 1901 .
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
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. 418-75(2)
(ii) any other entity that is *connected with or is an *affiliate of the entity;
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.
Under subsection 418-80(5) , the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure.
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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