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Excess Exploration Credit Tax Bill 2014

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Excess Exploration Credit Tax Bill 2015

 

No.      , 2015

 

 

 

 

 

A Bill for an Act to impose excess exploration credit tax, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................. 1

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

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

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

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

 



A Bill for an Act to impose excess exploration credit tax, and for related purposes

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.

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