Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations amend the Income Tax Assessment Regulations 1997 to maximise the utilisation of exploration credits under the junior minerals exploration tax incentive by increasing the amount of the annual exploration cap for the 2020-21 income year that is available to be allocated by the Commissioner of Taxation under the incentive.
Administered by: Treasury
Registered 07 Feb 2020
Tabling HistoryDate
Tabled HR10-Feb-2020
Tabled Senate11-Feb-2020
To be repealed 16 Jun 2020
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 06 February 2020

David Hurley

Governor‑General

By His Excellency’s Command

Michael Sukkar

Minister for Housing and Assistant Treasurer

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Income Tax Assessment Regulations 1997                                                                                        2

 


1  Name

                   This instrument is the Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The first 1 January, 1 April, 1 July or 1 October to occur after the day this instrument is registered.

1 April 2020

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Income Tax Assessment Act 1997.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Income Tax Assessment Regulations 1997

1  At the end of Part 3A

Add:

Division 418Exploration for minerals

Subdivision 418‑DAExploration credits allocation

418‑103.01  Meaning of annual exploration cap—2020‑21 income year

                   For the purposes of paragraph 418‑103(1)(d) of the Act, the amount of $5 million is prescribed.