Excess Exploration Credit Tax Act 2015

The Excess Exploration Credit Tax Act 2015 is an Australian law that imposes excess exploration credit tax. The Act commences on the day it receives the Royal Assent and applies to entities.

This Act has several key provisions. Firstly, it defines certain terms used in the Act, including "entity" and "income year." An entity is defined as a person or organisation that is required to lodge an income tax return under subsection 960-100 of the Income Tax Assessment Act 1997. The income year is also defined according to subsection 995-1(1) of the same legislation.

The main purpose of this Act is to impose excess exploration credit tax, which is equal to the amount of excess referred to in section 418-150 of the Income Tax Assessment Act 1997 for an income year. This means that if an entity has claimed more exploration credits than it is entitled to, it must pay the difference as tax.

The Excess Exploration Credit Tax Act 2015 has related purposes, including imposing a tax on entities that claim excess exploration credits and making adjustments to ensure compliance with tax laws.

Overall, this Act aims to address issues related to exploration credits in Australia, ensuring that entities comply with tax laws and pay their fair share of taxes.