Income Tax Assessment Act 1997
View history note
Hide history noteThis section applies if: (a) an entity (the minerals explorer ) issues a *share in the minerals explorer to another entity (the investor ) during the 2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24 or 2024-25 income year; and (b) the Commissioner makes a determination under section 418-101 allocating exploration credits to the minerals explorer for the income year in which the share is issued; and (c) the share is issued to the investor on or after the day on which the Commissioner ' s determination is made; and (d) the share is an *equity interest.
130-110(2)
The *reduced cost base of the *share is to be reduced immediately before the disposal of the share by the amount worked out as follows:
| The *corporate tax rate for the minerals explorer for the income year in which the *share is issued | × | The amount paid up by the investor on the share during the investment period |
where:
investment period
means the period, within the income year in which the *share is issued to the investor, that:
(a) begins on the day on which the Commissioner makes the determination mentioned in paragraph (1)(b); and
(b) ends at the end of the income year.
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