Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.75

Meaning of greenfields minerals explorer

             (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.



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