Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.15

  (1)   An entity is entitled to a * tax offset for an income year if:

  (a)   the entity is a * life insurance company; and

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

  (c)   the entity is an Australian resident during the whole of that income year; and

  (d)   were the exploration credit to be a * franked distribution made:

  (i)   by the same entity that issued the credit; and

  (ii)   in the same circumstances in which the credit was issued;

    the exploration credit would give rise to a * tax offset for the entity that would be subject to the refundable tax offset rules because of paragraph   67 - 25(1C)(b) or (1D)(b).

  (2)   If:

  (a)   an * exploration credit is issued to a * life insurance company; and

  (b)   paragraph   (1)(d) applies in relation to only part of the exploration credit;

this Division applies as if that part of the exploration credit, and the part of the exploration credit in relation to which that paragraph does not apply, were 2 separate exploration credits issued to the life insurance company.