Commonwealth Consolidated Acts

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Junior minerals exploration incentive franking credit--ordinary case

             (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.

             (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.

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

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