Commonwealth Consolidated Acts

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Complying exploration credit amount

             (1)  The complying exploration credit amount (which may be nil) for an income year is worked out by:

                     (a)  starting with the sum of the * exploration credits the entity issues for the income year; and

                     (b)  subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and

                     (c)  if the result of paragraph (b) exceeds the entity's * maximum exploration credit amount for the income year--subtracting from that result the amount of the excess.

Note:          The complying exploration credit amount is the sum of issued exploration credits that were issued (and created) in compliance with this Division. A liability arises under section 418-150 if the sum of all issued exploration credits exceeds this amount.

             (2)  This subsection covers an * exploration credit to the extent to which either or both of the following apply to the credit:

                     (a)  the credit was issued in contravention of a requirement in this Division;

                     (b)  the credit was created in contravention of a requirement in Subdivision 418-D (other than section 418- 85).

Note:          Because the maximum exploration credit amount from section 418- 85 is taken into account in paragraph (1)(c) of this section, it is disregarded here.

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