The South Australian Chamber of Mines and Energy (SACOME) welcomes the establishment of the Junior Minerals Exploration Incentive (JMEI) through passage of the Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017.
SACOME successfully advocated for an initiative that provides a tax incentive to invest in small minerals exploration companies undertaking greenfields exploration in Australia.
Under the JMEI companies are now able to distribute a portion of their exploration expenditure tax losses to Australian resident shareholders as a tax incentive.
With a deep understanding of tax law and exploration activity, SACOME’s Economics and Tax Committee played a critical role in ensuring the JMEI meets the operational needs of the sector.
SACOME worked closely with the office of the Minister for Resources, the Hon. Matthew Canavan, DIIS and Treasury in refining operational aspects of the JMEI and extends thanks to Commonwealth representatives for their ongoing consultation.