Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:6_2:p6
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 6/13)
Character Range: 96360–99127

amount.
 (5) The entity cannot make more than one decision to create *exploration credits for an income year, and the decision is final and irrevocable.

418‑75  Meaning of greenfields minerals explorer
 (1) An entity is a greenfields minerals explorer in an income year if:
 (a) the entity has *greenfields minerals expenditure for the income year; and
 (b) during the income year, the entity is a disclosing entity (within the meaning of section 111AC of the Corporations Act 2001); and
 (c) during the income year, the entity is a *constitutional corporation; and
 (d) during the income year, and during the immediately preceding income year, neither:
 (i) the entity; nor
 (ii) any other entity that is *connected with or is an *affiliate of the entity;
  carried on any mining operations on a mining property for extracting *minerals (except *petroleum) from their natural site, for the *purpose of producing assessable income.
 (2) However, an entity is not a greenfields minerals explorer in an income year in which either or both of the following happens, or in any subsequent income year:
 (a) the entity fails to comply with a request of the Commissioner under subsection 418‑80(5);
 (b) a determination under section 418‑185 has effect.
Note 1: Under subsection 418‑80(5), the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure.
Note 2: Under section 418‑185, the Commissioner may determine that an entity that is, or has been, liable to excess exploration credit tax is not to be treated as a greenfields minerals explorer.

418‑80  Meaning of greenfields minerals expenditure
 (1) An entity's greenfields minerals expenditure for an income year is the sum of:
 (a) the amounts of any deductions to which the entity is entitled under section 40‑25 for that income year in relation to declines in value that:
 (i) are declines in value of *depreciating assets used for *exploration or prospecting for *minerals in an area to which subsection (3) of this section applies; and
 (ii) are worked out under subsection 40‑80(1); and
 (b) the amounts of any deductions for that income year to which the entity is entitled in relation to expenditure:
 (i) that is of a kind referred to in subsection 40‑730(1); and
 (ii) in relation to which the entity satisfies one or more of paragraphs 40‑730(1)(a) to (c); and
 (iii) that is expenditure on exploration or prospecting for minerals in an area to which subsection (3) of this section applies.
 (2) For the purposes of subsection (1), disregard a deduction to the extent that it relates to:
 (a) matters other than:
 (i) declines in value of *depreciating assets used for; or
 (ii) expenditure on;
  *exploration or prospecting for *minerals in an area