Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.100

Applying for an exploration credits allocation

             (1)  An entity may apply to the Commissioner for a determination under section 418- 101 allocating * exploration credits to the entity for an income year.

             (2)  The application must be made within 1 month before the start of the * financial year corresponding to the income year for which the allocation is sought.

             (3)  The application must:

                     (a)  be * lodged electronically; and

                     (b)  be in the * approved form; and

                     (c)  include an estimate of:

                              (i)  the entity's * greenfields minerals expenditure for the income year; and

                             (ii)  the entity's * tax loss for the income year; and

                            (iii)  the entity's * corporate tax rate for the income year.

             (4)  The Commissioner must give the entity:

                     (a)  if the Commissioner makes a determination under section 418- 101--a copy of the determination; or

                     (b)  if the Commissioner decides to refuse the application--notice of that decision.



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