Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p27
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 27/95)
Character Range: 5616854–5619477

offset under Division 207 in relation to the franked distribution.

Statements to members
 (4) A statement referred to in paragraph (1)(e) must:
 (a) be in the *approved form; and
 (b) be given to you on or before the due date:
 (i) if the trust or partnership is an *investment body for *Part VA investments—for giving to the Commissioner an *annual investment income report in respect of the *financial year corresponding to the income year; or
 (ii) otherwise—for the trust or partnership to lodge its *income tax return for the income year.

Reports to the Commissioner
 (5) A trust or partnership that has given one or more statements under paragraph (1)(e) relating to *exploration credits for an income year must give to the Commissioner, on or before 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 junior minerals exploration 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—Junior minerals exploration incentive franking credit

Table of sections
418‑50 Junior minerals exploration incentive franking credit—ordinary case
418‑55 Junior minerals