Excess Exploration Credit Tax Act 2015

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.

[Minister’s second reading speech made in—

House of Representatives on 4 December 2014

Senate on 2 March 2015]

(264/14)

Note: Subdivision 418-F of the Income Tax Assessment Act 1997 deals with liability to pay excess exploration credit tax.