Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 (15 of 2018)

Schedule 1   Junior minerals exploration incentive

Part 4   Application, transitional and saving provisions

Division 1   Application and transitional provisions

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.