Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:6_2:p4
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 4/13)
Character Range: 91295–93954

the due date referred to in paragraph (4)(b) in relation to that income year, a report that:
 (a) relates to all the statements that the trust or partnership has given under paragraph (1)(e) relating to exploration credits for that income year; and
 (b) is in the *approved form.

Amount of exploration development incentive tax offset

418‑25  The amount of the tax offset
  The amount of your *tax offset under this Subdivision for an income year is the sum of:
 (a) all the *exploration credits issued to you under Subdivision 418‑E; and
 (b) all the exploration credits taken under section 418‑20 to have been issued to you;
for the income year.

418‑30  Reduced amount of the tax offset for certain trusts
 (1) If an entity is a trust in relation to which some, but not all, of the liability of the trustee to tax is provided under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936, the amount of the entity's *tax offset under this Subdivision for an income year is:
where:
income taxed under subsection 98(1) or (2) or 99(2) or (3) is the amount of the *net income of the trust, for the income year, in relation to which the trustee is liable to tax under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936.
 (2) If:
 (a) an entity is a trust; and
 (b) one or more *members of the trust are taken under section 418‑20 to have been issued with one or more *exploration credits for an income year;
the amount of the entity's *tax offset, under section 418‑25 or subsection (1) of this section, for the income year is reduced by the sum of amounts of the exploration credits taken to be issued to those members.

Subdivision 418‑C—Exploration development incentive franking credit

Table of sections
418‑50 Exploration development incentive franking credit—ordinary case
418‑55 Exploration development incentive franking credit—life insurance company

418‑50  Exploration development 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