Commonwealth legislation

Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This instrument sets the Exploration Development Incentive modulation factor to 1 for the 2017–18 income year. That factor is the multiplier used when calculating an entity’s maximum exploration credit under Subdivision 418‑D and the calculation method in subsections 418‑85(2)–(5) of the Income Tax Assessment Act 1997.

It applies to entities that may create exploration credits. The declaration was made by the Deputy Commissioner of Taxation as a delegate (subsection 418‑90(1)) and mechanically fixes the multiplier that determines the size of eligible exploration credits.

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Current sections

Direct links to the current provisions in Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017.

Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017

Legislative Instrument

Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017

I, Jeremy Hirschhorn, Deputy Commissioner of Taxation, make this instrument as a delegate of the Commissioner of Taxation under subsection 418‑90(1) of the Income Tax Assessment Act 1997.

Signed by Jeremy Hirschhorn

Deputy Commissioner of Taxation

Dated: 26 October 2017

Name of Determination

This instrument is the Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017.

Commencement

This instrument commences on the day after its registration.

Application

The modulation factor for the purposes of working out an entity’s maximum exploration credit amount for the 2017-18 income year is 1.

Determination (Who is covered by this Determination)

This instrument applies to an entity that may create exploration credits under Subdivision 418-D of the Income Tax Assessment Act 1997 for the 2017-18 income year and calculates its maximum exploration credit amount for that income year in accordance with the method statement in subsection 418-85(2) to subsection 418-85(5) of the Income Tax Assessment Act 1997.

Definitions

Terms used in this instrument have the same meaning as defined in the Income Tax Assessment Act 1997.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017

Legislative Instrument

Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017

I, Jeremy Hirschhorn, Deputy Commissioner of Taxation, make this instrument as a delegate of the Commissioner of Taxation under subsection 418‑90(1) of the Income Tax Assessment Act 1997.

Signed by Jeremy Hirschhorn

Deputy Commissioner of Taxation

Dated: 26 October 2017

Name of Determination

This instrument is the Income Tax – Exploration Development Incentive Modulation Factor – Declaration Instrument 2017.

Commencement

This instrument commences on the day after its registration.

Application

The modulation factor for the purposes of working out an entity’s maximum exploration credit amount for the 2017-18 income year is 1.

Determination (Who is covered by this Determination)

Definitions

Terms used in this instrument have the same meaning as defined in the Income Tax Assessment Act 1997.