Excess Exploration Credit Tax Act 2015

No. 17, 2015

An Act to impose excess exploration credit tax, and for related purposes

Contents

1 Short title

2 Commencement

3 Definitions

4 Imposition of tax

5 Amount of tax

Excess Exploration Credit Tax Act 2015

No. 17, 2015

An Act to impose excess exploration credit tax, and for related purposes

[Assented to 19 March 2015]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Excess Exploration Credit Tax Act 2015.

2  Commencement

  This Act commences on the day this Act receives the Royal Assent.

3  Definitions

  In this Act:

entity has the meaning given by section 960‑100 of the Income Tax Assessment Act 1997.

income year has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

4  Imposition of tax

  Excess exploration credit tax is imposed.

5  Amount of tax

  The amount of an entity’s excess exploration credit tax for an income year is equal to the amount of the excess referred to in section 418‑150 of the Income Tax Assessment Act 1997 in relation to that income year.

Note: Subdivision 418‑F of the Income Tax Assessment Act 1997 deals with liability to pay excess exploration credit tax.

[Minister’s second reading speech made in—

House of Representatives on 4 December 2014

Senate on 2 March 2015]