On Monday (April 16) the Australian Tax Office will open applications for the first round of the Junior Minerals Exploration Incentive (JMEI).
The JMEI is a tax credit arrangement which allows mineral exploration companies (with no mining income) to renounce and pass future tax deductions (losses) to their Australian resident investors for greenfields mineral exploration.
The Association of Mining and Exploration Companies has long advocated for the implementation of this $100 million program over four years.
AMEC chief executive officer Warren Pearce encourages Australian mineral exploration companies to look closely at the JMEI and decide whether it is an opportunity appropriate for their business .
“The government’s decision to introduce the JMEI will encourage greater greenfields mineral exploration and create more jobs,” Mr Pearce said.
“Australia needs to increase investment in greenfields mineral exploration to discover future mines. Each new mine means more jobs, royalties and revenues in local community.”
AMEC says the ATO will allocate each eligible entity an exploration credit allocation on a first-come, first-serve basis until the annual exploration credit cap for each income year is exhausted.
The application period for the first round of JMEI will open at 00:00 AEST on April 16 and closes at 23:59 AEST May 15 2018.
For detailed information visit the ATO website at www.ato.gov.au/JMEI