AMEC encouraging industry to take advantage of JMEI early
23 May 2019
The Association of Mining and Exploration Companies (AMEC) is urging its members to get in early and take advantage of the applications soon to open for access to mineral exploration tax credits.
“The last round was over-subscribed and therefore we urge all eligible applicants to take advantage of this Commonwealth Government tax offset incentive for their shareholders, and plan to lodge an application at the earliest opportunity,” says Chief Executive of AMEC, Warren Pearce.
“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.”
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.
“$30 million will be available in the form of exploration credits this year, however AMEC will be advocating to the re-elected Morrison Coalition Government for an extension of this incentive beyond the 2020/21 income year.”
“Increased mineral exploration activity improves the probability of discovering a new mine, creating new jobs and contributing to future Government revenue streams, “said Mr Pearce.
Applications for the Junior Minerals Exploration Incentive open at 9am AEST on 3 June and close at 11.59pm AEST on 30 June 2019 for the 2019/20 income year.
Further details on the process are available here.