Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)General outline and financial impact
Amendments to the Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017
The amendments to the Bill:
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- revise the period when minerals exploration companies can make an application to the Australian Taxation Office for an exploration credits allocation for the 2017-18 income year. This is necessary because the Bill was not passed by Parliament in 2017 and the 1 February 2018 start date provided in the Bill for making applications has already passed; and
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- clarify the definition of 'unused allocation of exploration credits' through a technical amendment to ensure the scheme operates as intended.
Date of effect: consistent with the Bill, the amendments apply to expenditure incurred in the 2017-18, 2018-19, 2019-20 and 2020-21 income years.
Proposal announced: The amendments have not previously been announced.
Financial impact: The amendments do not alter the financial impact outlined in the explanatory memorandum to the Bill.
Compliance cost impact: The amendments have no additional compliance cost impact.
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