Junior Minerals Exploration Incentive Credits Granted
In June 2021, the Federal Parliament passed legislation extending the JMEI scheme with effect from 1 July 2021 for a further four-year period based on an annual application process. The ATO is the administrator of the scheme.
The JMEI scheme enables eligible exploration companies to create refundable tax credits for distribution to eligible shareholders by forgoing a portion of their carried forward tax losses that have arisen from allowable expenditure on "greenfield" exploration.
Australian resident investors that are issued with JMEI credits will generally be entitled to refundable tax offsets (for individual shareholders or superannuation funds) or franking credits (for companies). Receiving a JMEI credit could have tax consequences and shareholders who are issued JMEI credits by the Company should obtain independent tax advice specific to their personal circumstances.
The Company's allocation of JMEI credits must be distributed to all eligible shareholders on a pro-rata basis. To be eligible to receive a pro-rata distribution of JMEI credits from the Company, Shareholders must have applied for and be issued shares in the Company after 1 September 2021 (Record Date) and no later than 30 June 2022. Shares issued prior to the Record Date will not be eligible for the credit.
The JMEI credits will apply to the 2021/22 tax year and can be issued by the Company after lodgement of its 30 June 2022 tax return.
Should the Company elect to make a distribution of JMEI credits, eligible shareholders are expected to be notified by the Company of their JMEI credit entitlement in the approved form in September 2022, and the JMEI credits will apply to income tax assessed for the year ended 30 June 2022.
About Resolution Minerals Ltd
The company is led by Managing Director Duncan Chessell and an experienced team with proven success in corporate finance, marketing, metallurgy and geoscience. This equips Resolution Minerals with the tools to meet the changing demands of the mining markets.
Resolution Minerals Ltd Listed on the ASX in 2017 with a focus on the exploration of the Wollogorang Copper Cobalt Project. It has since aquired the Snettisham Vanadium Project and more entered into a binding agreement witth Millrock Resources to earn up to 80% of the highly prospective 64North Gold Project.
Resolution Minerals Ltd