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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Excess Exploration Credit Tax Bill 2014
No. , 2014
(Treasury)
A Bill for an Act to impose excess exploration credit
tax, and for related purposes
No. , 2014
Excess Exploration Credit Tax Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Definitions ......................................................................................... 2
4
Imposition of tax ................................................................................ 2
5
Amount of tax .................................................................................... 2
No. , 2014
Excess Exploration Credit Tax Bill 2014
1
A Bill for an Act to impose excess exploration credit
1
tax, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Excess Exploration Credit Tax Act
5
2014.
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2 Commencement
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This Act commences on the day this Act receives the Royal
8
Assent.
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Section 3
2
Excess Exploration Credit Tax Bill 2014
No. , 2014
3 Definitions
1
In this Act:
2
entity has the meaning given by section 960-100 of the Income Tax
3
Assessment Act 1997.
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income year has the meaning given by subsection 995-1(1) of the
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Income Tax Assessment Act 1997.
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4 Imposition of tax
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Excess exploration credit tax is imposed.
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5 Amount of tax
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The amount of an entity's excess exploration credit tax for an
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income year is equal to the amount of the excess referred to in
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section 418-150 of the Income Tax Assessment Act 1997 in relation
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to that income year.
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Note:
Subdivision 418-F of the Income Tax Assessment Act 1997 deals with
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liability to pay excess exploration credit tax.
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