ATO launches Junior Minerals Exploration Incentive

Apply for the Junior Minerals Exploration Incentive
• This year will be the first to apply for the Junior Mineral Exploration Incentive scheme (JMEI), which replaces the now closed Exploration Development Incentive (EDI).• The JMEI will be a four year scheme offered through the ATO to encourage shareholder investment in small exploration companies undertaking greenfields mineral exploration in Australia.

• Companies can distribute exploration credits to equity shareholders by giving up a portion of their tax losses to create these credits.

• Allocation of credits to eligible companies will be on a first-in, first-served basis until the annual cap has been reached, which is $15 million for the 2017-18 financial year.

• Applications to participate in the JMEI for the 2018 income tax year will need to be lodged between 00:00 AEST on 16 April 2018 and 23:59 AEST on 15 May 2018.

• Participation forms lodged before the application period opens or those received after the application period closes will not be considered.

• For eligibility requirements and more information, visit ato.gov.au/JMEI.