Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.70

  (1)   An entity may create exploration credits for an income year if:

  (a)   the entity was a * greenfields minerals explorer in the income year; and

  (b)   the entity has an * exploration credits allocation for the income year or an * unused allocation of exploration credits from the immediately preceding income year.

Note:   The entity cannot have an unused allocation of exploration credits from the 2020 - 21 income year: see subsection   418 - 82(3A).

  (2)   The entity cannot create * exploration credits for an income year before income tax is assessed for the entity for the year.

  (3)   The entity cannot create * exploration credits for the 2025 - 26 income year or a later income year.

  (4)   A failure to comply with subsection   (1) or (2) does not invalidate the creation of an * exploration credit.

  (5)   An * exploration credit is to be expressed as an amount.

  (6)   The entity cannot make more than one decision to create * exploration credits for an income year, and the decision is final and irrevocable.