Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.103

  (1)   The annual exploration cap for an income year is the following amount:

  (a)   for the 2017 - 18 income year--$15 million;

  (b)   for the 2018 - 19 income year--$25 million, plus the * exploration credits remainder for the immediately preceding income year;

  (c)   for the 2019 - 20 income year--$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

  (d)   for the 2020 - 21 income year--$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

  (e)   for the 2021 - 22 income year--$25 million;

  (f)   for the 2022 - 23 income year--$25 million, plus the exploration credits remainder for the immediately preceding income year;

  (g)   for the 2023 - 24 income year--$25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph;

  (h)   for the 2024 - 25 income year--$25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph.

  (2)   If the total amount of * exploration credits allocated by the Commissioner for an income year is less than the * annual exploration cap for the year, the difference is the exploration credits remainder for the income year.