CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-45
-
RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 418
-
Exploration for minerals
History
Div 418 inserted by No 21 of 2015, s 3 and Sch 6 item 2, applicable from the 2017-18 to 2021-25 income years, allowing a distribution in those years. The Exploration Development Incentive (EDI) applied from the 2014-15 to 2016-17 years of income, replaced by the Junior Minerals Exploration Incentive (JMEI), of broadly similar operation, applicable for an initial period from the 2017-18 to 2020-21 years of income, extended for a further 4 years, for the 2021-22 to 2024-25 years of income, by Act No 72 of 2021, Sch 2.
Subdivision 418-DA
-
Exploration credits allocation
History
Subdiv 418-DA inserted by No 15 of 2018, s 3 and Sch 1 item 2, effective 1 April 2018. No 15 of 2018 (as amended by No 72 of 2021), s 3 and Sch 1 items 65
-
67 contain the following application and transitional provisions:
Division 1
-
Application and transitional provisions
65 Application of amendments
65
The amendments made by Parts 1 and 2 of this Schedule apply in relation to:
(a)
the creation and issuing of exploration credits by an entity in relation to exploration investment made in the entity in the 2017-18, 2018-19, 2019-20 and 2020-21 income years; and
(b)
the consequences of creating or issuing exploration credits for the 2017-18, 2018-19, 2019-20 and 2020-21 income years.
History
S 65 amended by No 72 of 2021, s 3 and Sch 2 item 15, by omitting
"
, but not in relation to exploration investment made in the entity in later income years
"
before
"
; and
"
from para (a), effective 1 July 2021.
66 Transitional provisions relating to the 2017-18 income year
(1)
Despite subsection
418-100(2)
of the
Income Tax Assessment Act 1997
, as inserted by item 2 of this Schedule, an application to the Commissioner for a determination allocating exploration credits to an entity for the 2017-18 income year must be made during the period of one month starting on the later of:
(a)
the eleventh business day after the day on which this Act receives the Royal Assent; and
(b)
the day on which this item commences.
(2)
Nothing in subitem (1) affects the rules in subsection
418-102(2)
or
(3)
of the
Income Tax Assessment Act 1997
, as inserted by item 2 of this Schedule.
(3)
To avoid doubt:
(a)
there can be no allocation of exploration credits for the 2016-17 income year by the Commissioner under section
418-101
of the
Income Tax Assessment Act 1997
, as inserted by item 2 of this Schedule; and
(b)
there can be no unused allocation of exploration credits from the 2016-17 income year for the purposes of that Act, as amended by this Schedule.
67 Continued application of the old law in relation to entities that were greenfields minerals explorers in the 2016-17 income year
67
To avoid doubt, the taxation law continues to apply in relation to the 2017-18 income year as if the amendments in Parts 1 and 2 of this Schedule had not been made, to the extent that the law relates to:
(a)
the creation and issuing of exploration credits on the basis that the entity that creates and issues the credits is a greenfields minerals explorer in the 2016-17 income year; and
(b)
the consequences of creating or issuing exploration credits in those circumstances.
SECTION 418-102
General allocation rules
418-102(1)
The total amount of *exploration credits allocated to entities for an income year by the Commissioner must not exceed the *annual exploration cap for the year.
418-102(2)
The Commissioner must consider applications for *exploration credits from entities for an income year in the order in which the Commissioner receives the applications.
418-102(3)
If the Commissioner receives more than one application at the same time, the Commissioner may decide the order in which the Commissioner considers the applications.
418-102(4)
If the Commissioner would contravene this section by allocating *exploration credits to an entity for an income year of an amount worked out under subsection
418-101(3)
then, despite that subsection, the amount of exploration credits allocated to that entity for the income year is to be the difference between the *annual exploration cap for the year and the total amount of exploration credits already allocated to other entities for the year.
History
S 418-102 inserted by No 15 of 2018, s 3 and Sch 1 item 2, effective 1 April 2018. For application and transitional provisions, see note under Subdiv
418-DA
heading.