Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p40
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 40/95)
Character Range: 5650061–5652822

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.

418‑155  Due date for payment of excess exploration credit tax
  An entity's *excess exploration credit tax for an income year, as assessed under Schedule 1 to the Taxation Administration Act 1953, is due and payable at the end of the day by which the entity is required under section 418‑160 to give the return relating to the income year.
Note: For assessments of excess exploration credit tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953.

418‑160  Returns
  An entity that is liable to pay *excess exploration credit tax for an income year (the credit year) must give the Commissioner a return relating to excess exploration credit tax, in the *approved form, within 21 days after the end of the *financial year corresponding to the income year that immediately follows the credit year.

418‑165  When shortfall interest charge is payable
  An amount of *shortfall interest charge that an entity is liable to pay is due and payable 21 days after the day on which the Commissioner gives the entity notice of the charge.
Note: Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953.

418‑170  General interest charge
  If:
 (a) *excess exploration credit tax or *shortfall interest charge payable by an entity remains unpaid after the time by which it is due and payable; and
 (b) the Commissioner has not allocated the unpaid amount to an *RBA;
the entity is liable to pay the *general interest charge on