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  • Junior Minerals Exploration Incentive

    On 5 May 2021, the Australian Government announced it will invest $100 million over four years to extend the Junior Minerals Exploration Incentive (JMEI) to the end of June 2025.

    • Note: The legislation to extend the JMEI has not yet been passed (received royal assent). Until this happens, you cannot apply for the JMEI for the 2021–22 income year. We will update this page when the legislation receives royal assent and becomes law.

      The transitional provision introduced into Parliament notes that the application period of one month will commence on the 11th business day after the later of (a) 1 July 2021 and (b) the day after the Act receives royal assent.

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    The JMEI encourages investment in small minerals exploration companies that carry out greenfields mineral exploration in Australia.

    Eligible exploration companies can generate tax credits by choosing to give up a portion of their losses from greenfields mineral exploration expenditure.

    These tax credits can then be distributed to investors who purchase newly issued shares in that eligible entity during a certain period.

    Australian resident shareholders who are issued an exploration credit will be entitled to a refundable tax offset or, if the shareholder is a corporate tax entity, additional franking credits.

    The exploration company’s carry forward losses will be reduced proportionately to reflect the amount of exploration credits issued to its shareholders.

    The JMEI is voluntary and companies seeking to participate will need to electronically lodge their participation form with us by the due date.

    We 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 applies from the 2017–18 income year with exploration credits capped over a four year period as follows:

    • $15 million in the 2017–18 income year
    • $25 million in the 2018–19 income year
    • $30 million in the 2019–20 income year
    • $35 million in the 2020–21 income year.

    If any part of the annual exploration credit cap is unallocated for an income year, the amount that is unallocated will be carried over to the following income year.

    An approved regulationExternal Link added $5 million in unused exploration credits from the 2017–18 income year to the exploration credits available for the 2020–21 income year.

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    Last modified: 11 Jun 2021QC 54868