Federal Register of Legislation - Australian Government

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Excess Exploration Credit Tax Act 2015

Authoritative Version
Act No. 17 of 2015 as made
An Act to impose excess exploration credit tax, and for related purposes
Administered by: Treasury
Originating Bill: Excess Exploration Credit Tax Bill 2014
Registered 27 Mar 2015
Date of Assent 19 Mar 2015
Table of contents.

 

 

 

 

 

 

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............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Definitions.......................................................................................... 2

4............ Imposition of tax................................................................................. 2

5............ Amount of tax..................................................................................... 2

 


 

 

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]

 

(264/14)