Commonwealth: Excess Exploration Credit Tax Act 2015 (Cth)

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] (264/14)