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 Income Tax Assessment Act 1997 in relation to that income year.section 418-150 of the

[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.