Proposed Exploration Development Incentive
The government has released a consultation paper on a proposed Exploration Development Incentive, which is intended to provide an incentive for investment in junior mineral exploration companies. The incentive is intended to apply to expenditure made after 1 July 2014.
Fundamentally, the scheme will allow junior exploration companies to renounce their exploration losses and ‘distribute’ this ‘benefit’ to their members in the form of a refundable tax offset that is an ‘Exploration Credit’ — similar to the imputation system.
The government is currently requesting feedback and comments on the design of the Exploration Development Incentive, with the closing date for submissions being 4 April 2014. A list of the consultation questions is set out in annexure A…
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