Document ID: chunk:federal_register_of_legislation:C2021C00321:clause:1_2:p7
Version: federal_register_of_legislation:C2021C00321
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 7/11)
Character Range: 22854–25783

of exploration credits allocated to that entity for the income year is to be the difference between the *annual exploration cap for the year and the total amount of exploration credits already allocated to other entities for the year.

418‑103  Meaning of annual exploration cap
 (1) The annual exploration cap for an income year is the following amount:
 (a) for the 2017‑18 income year—$15 million;
 (b) for the 2018‑19 income year—$25 million, plus the *exploration credits remainder for the immediately preceding income year;
 (c) for the 2019‑20 income year—$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;
 (d) for the 2020‑21 income year—$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph.
 (2) If the total amount of *exploration credits allocated by the Commissioner for an income year is less than the *annual exploration cap for the year, the difference is the exploration credits remainder for the income year.

418‑104  Failure to comply with this Subdivision does not affect allocation
  A failure by the Commissioner to comply with this Subdivision does not invalidate a determination allocating *exploration credits to an entity for an income year.

Subdivision 418‑E—Issuing exploration credits

Table of sections
418‑110 Issuing exploration credits
418‑111 Working out whether an exploration investment has been made in an income year
418‑115 Who may receive an exploration credit and what is the pool from which the credit may be issued
418‑116 Exploration credits issued must be in proportion to exploration investment
418‑120 The total of all exploration credits issued in relation to exploration investment
418‑125 Expiry of exploration credits
418‑130 Notifying the Commissioner of issuing or expiry of exploration credits

418‑110  Issuing exploration credits
 (1) An entity that has created *exploration credits for an income year (the minerals explorer) may issue an exploration credit for that income year to another entity (the investor).
 (2) The *exploration credit issued to the investor for the income year may relate to:
 (a) *exploration investment made by the investor in the minerals explorer in the income year; or
 (b) exploration investment made by the investor in the minerals explorer in the immediately preceding income year.
However, this rule is subject to the limitations imposed under sections 418‑115, 418‑116 and 418‑120.
 (3) An *exploration credit is issued to an entity by giving the entity a statement in the *approved form.

418‑111  Working out whether an exploration investment has been made in an income year
 (1) An entity (the investor) makes an exploration investment in another entity (the minerals explorer) in an income year if:
 (a) *shares in