Document ID: chunk:federal_register_of_legislation:C2021C00321:clause:1_66
Version: federal_register_of_legislation:C2021C00321
Segment Type: clause
Provision Reference: sch 1 cl 66
Character Range: 42876–43922

66  Transitional provisions relating to the 2017‑18 income year
(1) Despite subsection 418‑100(2) of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule, an application to the Commissioner for a determination allocating exploration credits to an entity for the 2017‑18 income year must be made during the period of one month starting on the later of:
 (a) the eleventh business day after the day on which this Act receives the Royal Assent; and
 (b) the day on which this item commences.
(2) Nothing in subitem (1) affects the rules in subsection 418‑102(2) or (3) of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule.
(3) To avoid doubt:
 (a) there can be no allocation of exploration credits for the 2016‑17 income year by the Commissioner under section 418‑101 of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule; and
 (b) there can be no unused allocation of exploration credits from the 2016‑17 income year for the purposes of that Act, as amended by this Schedule.