We're reviewing the Junior Minerals Exploration Incentive (JMEI) to understand its impact and operations.
The scheme, which began in 2018, encourages investment in small minerals exploration companies that carry out greenfields mineral exploration in Australia. The scheme allows these companies to convert a portion of their tax losses into credits that may be passed onto investors of newly issued shares as either a franking credit or refundable tax offset. This acts as an incentive to attract new investment.
The scheme provides $100 million over four rounds. The final round closed in June this year. Over the first three rounds of JMEI 74 companies have received credits under the scheme.
We are keen to hear stakeholder and participant views and experiences.
Our review process provides two opportunities for feedback.
Impact assessment
We are conducting an Annual Impact Assessment to see how successful the scheme is at attracting investment in its first round. The legislation for JMEI requires an assessment of each round.
The ATO's tranche of 2017-18 financial year data is now available. This means we can measure the impact of the scheme's first year.
Industry stakeholders and participants are welcome to share their views and any evidence of increased exploration or prospecting activity during this period.
Read the discussion paper and make a written submission on our Consultation hub.
Submissions close on Monday 27 July.
Review
We are also reviewing the scheme design, implementation, early outcomes and impact more broadly, in line with our department's evaluation process.
This survey is open to JMEI participants and applicants, including those who were unsuccessful when applying to join the scheme. Feedback will give us a clearer understanding of what worked and how we can improve this scheme or similar programs.
Contribute to the survey on our Consultation hub.
Submissions close on Monday 27 July.
