The Association of Mining and Exploration Companies (AMEC) is urging its members to get in early for the fourth year of the Junior Minerals Exploration Incentive (JMEI).
“The Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020 has added $5 million in unused exploration credits from the 2017-18 income year to the exploration credits available for the 2020–21 income year, increasing the available cap to $35 million,” AMEC chief executive Warren Pearce said.
“AMEC has been advocating to the Morrison Coalition Government for an extension of this incentive beyond the 2020/21 income year, to see this extended, and another $5 million rolled over during this time of uncertainty is welcome news for the exploration industry.
“As in previous years 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, so we are urging our members to get in quick.”
AMEC believes the continuation of this scheme will be critical to attracting investment into mineral exploration both during and post COVID-19.
The JMEI is a tax credit arrangement which allows junior mineral exploration companies to renounce and pass future tax deductions (losses) to Australian resident investors for greenfields mineral exploration in Australia.
Applications open on June 1 and close at 11.59pm AEST on June 30 for the 2020/21 income year. Further details HERE.