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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.151

Complying exploration credit amount

  (1)   The complying exploration credit amount (which may be nil) for an income year is worked out by:

  (a)   starting with the 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.


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