Document ID: chunk:federal_register_of_legislation:C2021C00321:clause:1_2:p5
Version: federal_register_of_legislation:C2021C00321
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/11)
Character Range: 17637–20431

entity receives in relation to the entity's *greenfields minerals expenditure for the credit year; and
 (b) any part of the entity's tax loss for the credit year that would not be deductible in the income year immediately following the credit year; and
 (c) if:
 (i) an amount has been included in the entity's assessable income because a *balancing adjustment event occurs for a *depreciating asset; and
 (ii) all or part of the amount of the deduction to which the entity is entitled under section 40‑25 for the credit year in relation to the decline in value of the asset is included in the entity's greenfields minerals expenditure for that year;
  so much of the amount of that deduction as was included in that greenfields minerals expenditure.
 (5) For the purposes of paragraph (4)(b), assume that the entity's assessable income for the income year immediately following the credit year is sufficient to allow the entity to utilise the whole of that *tax loss in relation to the credit year.
 (6) A failure to comply with this section does not invalidate the creation of an *exploration credit.

418‑95  Effect on tax losses of creating exploration credits
 (1) If an entity creates any *exploration credits for a *loss year, the amount of the entity's *tax loss for the loss year is reduced by the amount worked out as follows:
 (2) However, if the amount worked out under subsection (1) equals or exceeds what would (apart from this section) be the entity's *tax loss for the *loss year, that tax loss is taken to be nil.

Subdivision 418DA—Exploration credits allocation

Table of sections
418‑100 Applying for an exploration credits allocation
418‑101 Determination by the Commissioner
418‑102 General allocation rules
418‑103 Meaning of annual exploration cap
418‑104 Failure to comply with this Subdivision does not affect allocation

418‑100  Applying for an exploration credits allocation
 (1) An entity may apply to the Commissioner for a determination under section 418‑101 allocating *exploration credits to the entity for an income year.
 (2) The application must be made within 1 month before the start of the *financial year corresponding to the income year for which the allocation is sought.
 (3) The application must:
 (a) be *lodged electronically; and
 (b) be in the *approved form; and
 (c) include an estimate of:
 (i) the entity's *greenfields minerals expenditure for the income year; and
 (ii) the entity's *tax loss for the income year; and
 (iii) the entity's *corporate tax rate for the income year.
 (4) The Commissioner must give the entity:
 (a) if the Commissioner makes a determination under section 418‑101—a copy of the determination; or
 (b) if the Commissioner decides to refuse the application—notice of that decision.

418‑101  Determination by the