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  • Junior Minerals Exploration Incentive Participation – forms and instructions

    Participation in the Junior Minerals Exploration Incentive (JMEI) is voluntary. If you are an eligible company and intend to participate and create exploration credits, you are required to lodge a JMEI participation form by relevant deadlines.

    Note: When we refer to you, or your company, or taxpayer, we are referring either to you as a business entity (the company) or to you as the public officer responsible for completing the JMEI participation form. These instructions are not a guide to income tax law. If they do not fully cover your circumstances, you can contact us at JMEI@ato.gov.au or your registered tax adviser.

    Next step:

    How to participate

    If you wish to participate in the JMEI, you will need to lodge your participation form within the times and dates outlined in the table below:

    Table 1: Lodgment application dates

    Income Year

    Application period opens

    Application period closes

    2017–18

    12:00am AEST on 16 April 2018

    11:59pm AEST on 15 May 2018

    2018–191

    9:00am AEST on 1 June 2018

    11:59pm AEST on 30 June 2018

    2019–20

    9:00am AEST on 3 June 2019

    11:59pm AEST on 30 June 2019

    2020–21

    9:00am AEST on 1 June 2020

    11:59pm AEST on 30 June 2020

    1 The annual exploration credit cap for 2018–19 has now been exhausted. Applications received from 18 June to 30 June will not receive an exploration credit allocation.

     

    The dates in Table 1 are linked to the financial year which corresponds to the income year to ensure that the timing is consistent for all taxpayers, including those with substituted accounting periods. This ensures that all applicants apply in the same period to provide a consistent outcome in recognition of the priority given to early applications.

    Participation in the JMEI is voluntary and participation is on a first come, first served basis. You must lodge your participation form within the time frames in Table 1. Those participation forms received before the opening of the application period or those received after the application period closes will not be considered. As the JMEI is capped, lodging your participation form does not guarantee that you will be able to participate. We will notify you of the outcome of your participation form.

    If you have a substituted accounting period (SAP), you will need to link your application to the financial year that corresponds to your SAP income year.

    This means you may have to estimate the greenfields minerals expenditure you expect to incur during the remainder of your income year.

    Before completing your form

    The JMEI Participation form may be completed online and printed, however the information you type into the form cannot be saved to your computer.

    Do not use correction fluid or tape to make corrections. If you make a mistake, make your corrections electronically and print a new copy. When you have completed the JMEI Participation form, print a copy for your own records and lodge it with us.

    Completing the JMEI Participation form

    Specify the income year to which this form relates

    Insert the income year to which the form you are lodging relates.

    If this is an amendment to a previous notification provide the amendment number

    Type a number into this section only if you are amending an earlier lodgment of a JMEI Participation form for the same income year.

    Section A: Entity details

    1. Enter the tax file number (TFN) of your entity. We are authorised by the Taxation Administration Act 1953 to request you to quote your TFN. It is not an offence not to quote your TFN, but not quoting it can delay processing of the schedule
    2. Enter the Australian business number (ABN) of your entity
    3. Enter the name of your entity
    4. Enter the business address and postal address of your entity

    Section B: Junior Minerals Exploration Incentive details

    Section B will ask you whether you are going to be a greenfields minerals explorer in the income year to which the form relates – this is a ‘Yes’ or ’No’ answer.

    1. Select ‘No’ if you do not fit the criteria for a greenfields minerals explorer. In this case you would not submit the form
    2. Select ‘Yes’ if you intend to create and issue exploration credits to your shareholders and the following apply;
      1. you are a disclosing entity within the meaning of section 111AC of the Corporations Act 2001
      2. you are a constitutional corporation
      3. you have incurred greenfields minerals expenditure in the previous income year
      4. you have not carried on any mining operations for the extraction of minerals in the previous two income years
      5. you are not connected with, or an affiliate of, an entity that has carried on any mining operations for the previous two income years
       
    3. Enter the estimated amount of greenfields exploration expenditure you expect to incur in the income year to which this form relates in whole dollars.
    4. Enter the amount of the tax loss you expect to incur in the income year to which this form relates in whole dollars.
    5. Enter the estimated corporate tax rate for the income year to which this form relates in whole dollars.
    6. Enter the estimated amount of capital you are intending to raise during the income year to which this form relates in whole dollars.

    See also:

    Section C: Declaration

    You will then need to include in the declaration:

    • name and daytime telephone number of the authorised person signing the form
    • position held of the authorised person signing the form
    • registered tax agent number, if applicable, of the person signing the form
    • authorised person’s signature
    • date the form was signed, and place a cross at the appropriate declaration statement applicable to the circumstances of the authorised person.

    Signing this form

    When the form is completed and printed, the authorised person for the company must sign the form. Signing the form means that a declaration has been made that the information contained in the schedule and in any attached documents is true and correct.

    Penalties may apply for false or misleading statements.

    How to lodge your JMEI Participation form

    Make a copy of your JMEI form for your own records and lodge it:

    • online
      • sign in to Business Portal
      • navigate to mail
      • select ‘New message’
      • Select 'Exploration Incentives'
      • Select 'JMEI lodgment'.
       

    Remember to attach a copy of the form in the mail message

    Last modified: 04 Apr 2018QC 54864