Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.95

Effect on tax losses of creating exploration credits

  (1)   If an entity creates any * exploration credits for a * loss year, the amount of the entity's * tax loss for the loss year is reduced by the amount worked out as follows:

Start formula start fraction The sum of all the *exploration credits the entity creates for the *loss year over The entity's *corporate tax rate for the loss year end fraction end formula

  (2)   However, if the amount worked out under subsection   (1) equals or exceeds what would (apart from this section) be the entity's * tax loss for the * loss year, that tax loss is taken to be nil.

Table of sections

418 - 100   Applying for an exploration credits allocation

418 - 101   Determination by the Commissioner

418 - 102   General allocation rules

418 - 103   Meaning of annual exploration cap

418 - 104   Failure to comply with this Subdivision does not affect allocation

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