INCOME TAX ASSESSMENT ACT 1997 - SECT 418.50 Junior minerals exploration incentive franking credit--ordinary case

INCOME TAX ASSESSMENT ACT 1997 - SECT 418.50

  (1)   A * franking credit arises in the * franking account of a * corporate tax entity (other than a * life insurance company) if:

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

  (b)   if the entity were not a corporate tax entity, the entity 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 entity would be entitled under Subdivision   418 - B if:

  (a)   the entity were not a * corporate tax entity; and

  (b)   no other * exploration credits were issued to the entity during the income year.

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