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Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

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8370

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

SENATE

 

 

 

 

 

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

 

 

(1)           Schedule 1, Part 1, page 20 (after line 19), at the end of the Part, add:

6A  At the end of Division 418

Add:

Subdivision 418-G—Other matters

Table of sections

418-190    Annual impact assessments of this Division

418-190  Annual impact assessments of this Division

             (1)  As soon as practicable after the end of each income year referred to in subsection (2), the Minister must cause to be conducted an impact assessment of the operation of this Division during that income year. The objective of the impact assessment should be to measure the additional *exploration or prospecting attributable to the Division.

             (2)  The income years are as follows:

                     (a)  the 2017-2018 income year;

                     (b)  the 2018-2019 income year;

                     (c)  the 2019-2020 income year;

                     (d)  the 2020-2021 income year.

             (3)  Each impact assessment must make provision for public consultation, including consultation with the industry.

             (4)  The Minister must cause to be prepared a report of each impact assessment. The report must include any information made publicly available by the Commissioner under section 3F of the Taxation Administration Act 1953 in relation to *exploration credits allocated for the income year.

             (5)  The Minister must cause a copy of a report of an impact assessment to be published on the Australian Taxation Office website as soon as practicable after the completion of the preparation of the report.

[impact assessment]

(2)     Schedule 1, page 25 (after line 10), after item 26, insert:

26A  At the end of Part IA

Add:

3F  Reporting of information about junior minerals exploration incentive offset

             (1)  This section applies if the Commissioner makes a determination under section 418-101 of the Income Tax Assessment Act 1997 allocating exploration credits to an entity for an income year.

             (2)  The Commissioner must, as soon as practicable after making the determination, make publicly available:

                     (a)  the ABN and name of the entity; and

                     (b)  the amount of the entity’s exploration credits allocation for the income year.

             (3)  An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

[reporting]