Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 418 - Exploration for minerals  

Subdivision 418-C - Junior minerals exploration incentive franking credit  

SECTION 418-50   Junior minerals exploration incentive franking credit - ordinary case  

418-50(1)    
A *franking credit arises in the *franking account of a *corporate tax entity (other than a *life insurance company) if:

(a) an *exploration credit is issued to the entity under Subdivision 418-E during an income year; and

(b) if the entity were not a corporate tax entity, the entity would be entitled to a *tax offset under Subdivision 418-B in relation to the exploration credit.

418-50(2)    
The amount of the *franking credit is the amount of the *tax offset to which the entity would be entitled under Subdivision 418-B if:

(a) the entity were not a *corporate tax entity; and

(b) no other *exploration credits were issued to the entity during the income year.

418-50(3)    
The *franking credit arises at the same time the *exploration credit is issued.