Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p25
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 25/95)
Character Range: 5611994–5614586

of the tax offset
418‑30 Reduced amount of the tax offset for certain trusts

Entitlement to junior minerals exploration incentive tax offset

418‑10  Who is entitled to the tax offset—ordinary case
  You are entitled to a *tax offset for an income year if:
 (a) an *exploration credit is issued to you under Subdivision 418‑E for the income year; and
 (b) you are not:
 (i) a *corporate tax entity; or
 (ii) a trust (other than a trust in relation to which some or 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); or
 (iii) a partnership; or
 (iv) an *exempt entity (other than an *exempt institution that is eligible for a refund); and
 (c) you are an Australian resident during the whole of that income year.

418‑15  Who is entitled to the tax offset—life insurance company
 (1) An entity is entitled to a *tax offset for an income year if:
 (a) the entity is a *life insurance company; and
 (b) an *exploration credit is issued to the entity under Subdivision 418‑E for the income year; and
 (c) the entity is an Australian resident during the whole of that income year; and
 (d) were the exploration credit to be a *franked distribution made:
 (i) by the same entity that issued the credit; and
 (ii) in the same circumstances in which the credit was issued;
  the exploration credit would give rise to a *tax offset for the entity that would be subject to the refundable tax offset rules because of paragraph 67‑25(1C)(b) or (1D)(b).
 (2) If:
 (a) an *exploration credit is issued to a *life insurance company; and
 (b) paragraph (1)(d) applies in relation to only part of the exploration credit;
this Division applies as if that part of the exploration credit, and the part of the exploration credit in relation to which that paragraph does not apply, were 2 separate exploration credits issued to the life insurance company.

418‑20  Entitlement of member of a trust or partnership to a share of exploration credits

Members taken to be issued with exploration credits
 (1) If:
 (a) you are a *member of a trust or partnership during the income year; and
 (b) an *exploration credit is issued to the trust or partnership under Subdivision 418‑E for the income year; and
 (c) the trust or partnership is not a *corporate tax entity; and
 (d) the trustee of the trust, or the partnership, determines that you are entitled to a share of the exploration credits issued to the trust or partnership for the income year; and
 (e) the trustee of the trust, or the partnership, gives you a statement,