Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p39
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 39/95)
Character Range: 5647506–5650292

exploration credits
  An *exploration credit created by an entity for an income year (the credit year) expires if the entity does not issue the credit under this Subdivision on or before 30 June in the financial year that corresponds to the income year that immediately follows the credit year.

418‑130  Notifying the Commissioner of issuing or expiry of exploration credits
 (1) An entity that has created *exploration credits for an income year (the credit year) must notify the Commissioner of the issuing or expiry of the credits.
 (2) The notice must:
 (a) be in the *approved form; and
 (b) be given to the Commissioner on or before the due date:
 (i) if the entity 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 year immediately following the credit year; or
 (ii) otherwise—for the entity to lodge its *income tax return for the income year that immediately follows the credit year.

418‑135  Notifying the Commissioner if no exploration investment in income year for which credits allocated
 (1) An entity must notify the Commissioner if:
 (a) the Commissioner has made a determination under section 418‑101 allocating the entity *exploration credits for an income year; and
 (b) no *exploration investment is made in the entity in the income year.
 (2) The notice must:
 (a) be in the *approved form; and
 (b) be given to the Commissioner within 30 days after the end of the income year.

Subdivision 418‑F—Excess exploration credits

Table of sections
418‑150 Excess exploration credit tax
418‑151 Complying exploration credit amount
418‑155 Due date for payment of excess exploration credit tax
418‑160 Returns
418‑165 When shortfall interest charge is payable
418‑170 General interest charge
418‑175 Refunds of amounts overpaid
418‑180 Record keeping
418‑185 Determining an entity not to be a greenfields minerals explorer

418‑150  Excess exploration credit tax
  An entity is liable to pay *excess exploration credit tax for an income year if the sum of the *exploration credits it issues for the income year exceeds the amount worked out under section 418‑151 for the income year (the complying exploration credit amount).
Note: The tax is imposed by the Excess Exploration Credit Tax Act 2014, and the amount of the tax is set out in that Act.

418‑151  Complying exploration credit amount
 (1) The complying exploration credit amount (which may be nil) for an income year is worked out by:
 (a) starting with the sum of the *exploration credits the entity issues for the income year; and
 (b) subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and
 (c) if the result of paragraph