(1) An entity is a greenfields minerals explorer in an income year if:
(a) the entity has * greenfields minerals expenditure for the income year; and
(b) during the income year, the entity is a disclosing entity (within the meaning of section 111AC of the Corporations Act 2001 ); and
(c) during the income year, the entity is a * constitutional corporation; and
(d) during the income year, and during the immediately preceding income year, neither:
(i) the entity; nor
(ii) any other entity that is * connected with or is an * affiliate of the entity;
carried on any mining operations on a mining property for extracting * minerals (except * petroleum) from their natural site, for the * purpose of producing assessable income.
(2) However, an entity is not a greenfields minerals explorer in an income year in which either or both of the following happens, or in any subsequent income year:
(a) the entity fails to comply with a request of the Commissioner under subsection 418-80(5);
(b) a determination under section 418-185 has effect.
Note 1: Under subsection 418-80(5), the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure.
Note 2: Under section 418-185, the Commissioner may determine that an entity that is, or has been, liable to excess exploration credit tax is not to be treated as a greenfields minerals explorer.