Taxation Administration Act 1953

PART IA - ADMINISTRATION

SECTION 3F REPORTING OF INFORMATION ABOUT JUNIOR MINERALS EXPLORATION INCENTIVE OFFSET

3F(1)

This section applies if the Commissioner makes a determination under section 418-101 of the Income Tax Assessment Act 1997 allocating exploration credits to an entity for an income year.

3F(2)
The Commissioner must, as soon as practicable after making the determination, make publicly available:

(a) the ABN and name of the entity; and

(b) the amount of the entity ' s exploration credits allocation for the income year.

3F(3)
An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

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History

S 3F inserted by No 15 of 2018, s 3 and Sch 1 item 26A, 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.
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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.

Former s 3F repealed by No 145 of 2010, s 3 and Sch 2 item 110, effective 17 December 2010. S 3F formerly read:

SECTION 3F PROVISION OF TAXATION INFORMATION TO CHIEF EXECUTIVE OFFICER OF CUSTOMS
3F(1)
Notwithstanding any taxation secrecy provision, the Commissioner may disclose to the Chief Executive Officer of Customs any information that has come to the knowledge of the Commissioner in the performance of the Commissioner ' s official duties.
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S 3F(1) amended by No 25 of 2001.

3F(2)
Subsection (1) is in addition to, and not in derogation of, any other provision of this Act or of any other law relating to the communication of information.

3F(3)
In this section:
taxation secrecy provision
has the same meaning as in section 3E.

Former s 3F inserted by No 107 of 1989.

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