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Exploration Credits

If you are an Australian resident for the whole of the income year you may be entitled to a refundable tax offset equivalent to the amount of exploration credits you have received.

If you have received exploration credits directly or indirectly from your shareholdings in a greenfields minerals explorer, you can claim your tax offset by completing item T11 of the individual income tax return for the 2017-2018 income tax.

T11 in the Individual return has been updated to include a new worksheet to record Exploration credits received by the taxpayer.

Where such credits have been received into the Distribution from Partnerships and/or the Distributions from Trusts worksheets (dip and dit), on answering the eligibility question, the data entry fields will be activated and any share of Exploration credits received will be defaulted.

You are only able to benefit from your share of exploration credits to the extent that you would have been entitled to a tax offset if the distribution of the exploration credit from the trust or partnership were instead a distribution of a hypothetical franked distribution that:

  • Was of the same amount as your share of the exploration credit.

  • Was made by the same entity that issued the exploration credit, in the same circumstances and in relation to the same interests.

  • If you are a corporate tax entity, was made to you as if you were not a corporate tax entity.

The From Company field remains open to edit and must be entered by the preparer of the tax return.

Tax Pre-fill

This schedule can be pre-filled using the Pre-fill Manager. The Pre-fill Manager enables you to download pre-fill reports for clients using the Practitioner Lodgment Service (PLS). You can view these reports in PDF format, and populate the pre-fill information into the client's Tax return. For more information on pre-filling, see Pre-fill manager.

Tax Pre-fill is dependant on available ATO data. Validate the Tax return by pressing [F3] for a list of the imported values and any errors before lodgment.

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