Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:6_2:p11
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 11/13)
Character Range: 109033–111698

into existence on or after 1 July 2014;
  expressed as a percentage of the total number of the shares in the entity that:
 (iii) are equity interests held by any members of the entity; and
 (iv) have come into existence on or after that day; or
 (b) otherwise—the total number of shares in the entity that are equity interests held by the member, expressed as a percentage of the total number of the shares in the entity that are equity interests held by any members of the entity.
 (2) For the purposes of this section, the number of *shares that a *member holds in the entity is taken to be the number that the member held on the day occurring 30 days before the *exploration credits were issued.

418‑125  Expiry of exploration credits
  An *exploration credit created by an entity for an income year expires if the entity does not issue the credit under this Subdivision on or before the first 30 June after the day on which the modulation factor in respect of the income year is declared under section 418‑90.

418‑130  Notifying the Commissioner of issuing or expiry of exploration credits
 (1) An entity that has created *exploration credits for an income 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 income year; or
 (ii) otherwise—for the entity to lodge its *income tax return for the income year.

Subdivision 418‑F—Excess exploration credits

Table of sections
418‑150 Excess exploration credit tax
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 entity's *maximum exploration credit amount for the income year.
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.

418‑155  Due date for payment of excess exploration credit tax
  An entity's *excess exploration credit tax for an income year, as assessed under Schedule 1 to the Taxation Administration Act 1953, is due and payable at the end of the day