Div 418 inserted by No 21 of 2015, s 3 and Sch 6 item 2, applicable from the 2017-18 to 2021-25 income years, allowing a distribution in those years. The Exploration Development Incentive (EDI) applied from the 2014-15 to 2016-17 years of income, replaced by the Junior Minerals Exploration Incentive (JMEI), of broadly similar operation, applicable for an initial period from the 2017-18 to 2020-21 years of income, extended for a further 4 years, for the 2021-22 to 2024-25 years of income, by Act No 72 of 2021, Sch 2.

Subdiv 418-DA inserted by No 15 of 2018, s 3 and Sch 1 item 2, 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.

S 418-100 inserted by No 15 of 2018, s 3 and Sch 1 item 2, effective 1 April 2018. For application and transitional provisions, see note under Subdiv 418-DA heading.