Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.81

Meaning of exploration credits allocation for an income year

  (1)   An entity has an exploration credits allocation for an income year if the Commissioner makes a determination under section   418 - 101 allocating the entity * exploration credits for the income year.

  (2)   The amount of the entity's exploration credits allocation for the income year is the amount of * exploration credits allocated to the entity under the determination.

  (2A)   However, if no * exploration investment is made in the entity in the income year, the amount of the entity's exploration credits allocation for the income year is nil.

Note:   The entity must notify the Commissioner if no exploration investment is made in the entity in the income year: see section   418 - 135.

  (3)   If no determination is made allocating * exploration credits to the entity for the income year, the amount of the entity's exploration credits allocation for the year is nil.


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