Document ID: chunk:federal_register_of_legislation:C2021C00321:clause:1_4
Version: federal_register_of_legislation:C2021C00321
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 33630–34933

4  After section 418‑150
Insert:

418‑151  Complying exploration credit amount
 (1) The complying exploration credit amount (which may be nil) for an income year is worked out by:
 (a) starting with the sum of the *exploration credits the entity issues for the income year; and
 (b) subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and
 (c) if the result of paragraph (b) exceeds the entity's *maximum exploration credit amount for the income year—subtracting from that result the amount of the excess.
Note: The complying exploration credit amount is the sum of issued exploration credits that were issued (and created) in compliance with this Division. A liability arises under section 418‑150 if the sum of all issued exploration credits exceeds this amount.
 (2) This subsection covers an *exploration credit to the extent to which either or both of the following apply to the credit:
 (a) the credit was issued in contravention of a requirement in this Division;
 (b) the credit was created in contravention of a requirement in Subdivision 418‑D (other than section 418‑85).
Note: Because the maximum exploration credit amount from section 418‑85 is taken into account in paragraph (1)(c) of this section, it is disregarded here.