Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.75

  (1)   An entity is a greenfields minerals explorer in an income year if:

  (a)   the entity has * greenfields minerals expenditure for the income year; and

  (b)   during the income year, the entity is a disclosing entity (within the meaning of section   111AC of the Corporations Act 2001 ); and

  (c)   during the income year, the entity is a * constitutional corporation; and

  (d)   during the income year, and during the immediately preceding income year, neither:

  (i)   the entity; nor

  (ii)   any other entity that is * connected with or is an * affiliate of the entity;

    carried on any mining operations on a mining property for extracting * minerals (except * petroleum) from their natural site, for the * purpose of producing assessable income.

  (2)   However, an entity is not a greenfields minerals explorer in an income year in which either or both of the following happens, or in any subsequent income year:

  (a)   the entity fails to comply with a request of the Commissioner under subsection   418 - 80(5);

  (b)   a determination under section   418 - 185 has effect.

Note 1:   Under subsection   418 - 80(5), the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure.

Note 2:   Under section   418 - 185, the Commissioner may determine that an entity that is, or has been, liable to excess exploration credit tax is not to be treated as a greenfields minerals explorer.