Document ID: chunk:federal_register_of_legislation:C2018C00085:clause:6_2:p2
Version: federal_register_of_legislation:C2018C00085
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 2/13)
Character Range: 86368–89037

(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 be a distribution to which paragraph 207‑110(1)(b) would apply.
 (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, in accordance with subsection (4), informing you of that entitlement;
you are taken, for the purposes of this Subdivision, to have been issued with an exploration credit under Subdivision 418‑E, for the income year, of an amount equal to your share of the exploration credits issued to the trust or partnership for the income year.

Effect of restrictions on distributions
 (2) Despite subsection (1), you are not taken, under that subsection, to have been issued with an *exploration credit under Subdivision 418‑E to the extent that, if the exploration credit referred to in paragraph (1)(b) were a *franked distribution of the same amount made:
 (a) at the time of the determination referred to in paragraph (1)(d); and
 (b) in relation to the interest, held by the