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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.110

Issuing exploration credits

             (1)  An entity that has created * exploration credits for an income year (the minerals explorer ) may issue an exploration credit for that income year to another entity (the investor ).

             (2)  The * exploration credit issued to the investor for the income year may relate to:

                     (a)  * exploration investment made by the investor in the minerals explorer in the income year; or

                     (b)  exploration investment made by the investor in the minerals explorer in the immediately preceding income year.

However, this rule is subject to the limitations imposed under sections 418- 115, 418-116 and 418-120.

             (3)  An * exploration credit is issued to an entity by giving the entity a statement in the * approved form.



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