INCOME TAX ASSESSMENT ACT 1997 - SECT 418.110 Issuing exploration credits

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.110

  (1)   An entity that has created * exploration credits for an income year (the minerals explorer ) may issue an exploration credit for that income year to another entity (the investor ).

  (2)   The * exploration credit issued to the investor for the income year may relate to:

  (a)   * exploration investment made by the investor in the minerals explorer in the income year; or

  (b)   exploration investment made by the investor in the minerals explorer in the immediately preceding income year.

However, this rule is subject to the limitations imposed under sections   418 - 115, 418 - 116 and 418 - 120.

  (3)   An * exploration credit is issued to an entity by giving the entity a statement in the * approved form.