Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020
(F2020L00097)
7 February 2020
Income Tax Assessment Act 1997
1 Name
This instrument is the Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
||
---|---|---|
Column 1 |
Column 2 |
Column 3 |
Provisions |
Commencement |
Date/Details |
1. The whole of this instrument |
The first 1 January, 1 April, 1 July or 1 October to occur after the day this instrument is registered. |
1 April 2020 |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Income Tax Assessment Act 1997.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1 Amendments
Income Tax Assessment Regulations 1997
1 At the end of Part 3A
Add:
Division 418 - Exploration for minerals
Subdivision 418-DA - Exploration credits allocation
418-103.01 Meaning of annual exploration cap - 2020-21 income year
For the purposes of paragraph 418-103(1)(d) of the Act, the amount of $5 million is prescribed.