Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 418 - Exploration for minerals  

Subdivision 418-B - Junior minerals exploration incentive tax offset  

Entitlement to junior minerals exploration incentive tax offset

SECTION 418-15   Who is entitled to the tax offset - life insurance company  

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) .

418-15(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.