Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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