Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 418.55

Junior minerals exploration incentive franking credit--life insurance company

  (1)   A * franking credit arises in the * franking account of a * life insurance company if:

  (a)   an * exploration credit is issued to the life insurance company under Subdivision   418 - E during an income year; and

  (b)   paragraph   418 - 15(1)(d) does not apply in relation to the exploration credit; and

  (c)   if that paragraph were to apply in relation to the credit, the life insurance company would be entitled to a * tax offset under Subdivision   418 - B in relation to the exploration credit.

  (2)   The amount of the * franking credit is the amount of the * tax offset to which the * life insurance company would be entitled under Subdivision   418 - B if no other * exploration credits were issued to the life insurance company during the income year.

  (3)   The * franking credit arises at the same time the * exploration credit is issued.

Table of sections

418 - 70   Entities that may create exploration credits

418 - 75   Meaning of greenfields minerals explorer

418 - 80   Meaning of greenfields minerals expenditure

418 - 81   Meaning of exploration credits allocation for an income year

418 - 82   When does an entity have an unused allocation of exploration credits from an income year

418 - 85   Exploration credits must not exceed maximum exploration credit amount

418 - 95   Effect on tax losses of creating exploration credits


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