Great Southern Mining Ltd (ASX:GSN) has been successful in its application for participation in the Federal Government’s Junior Minerals Exploration Incentive Scheme (JMEI) for the year ending June 30 2021.
The JMEI is designed to encourage investment in exploration companies by generating a tax credit in lieu of tax losses for potential distribution to eligible shareholders.
Eligible shareholders must be Australian resident shareholders who are issued new shares in any of the company’s capital raising initiatives between July 8 and June 30 2021.
Benefits
The JMEI will result in the following:
- Allocation for up to $525,000 in JMEI tax credits for the year ending June 30 2021;
- JMEI credits may be distributed to eligible investors as a tax offset and would serve to reduce an eligible investor's 30 June 2021 and/or 30 June 2022 tax liability; and
- The JMEI tax credits would attach to any eligible shares issued by GSN between July 8 and June 30 2021.
The credits are distributed to eligible investors on a pro-rata basis and will be issued by the company after the lodgement of its June 30 2021 tax return, expected in the September 2021 quarter.
Shareholders should obtain independent tax advice specific to their personal circumstances regarding receipt of JMEI tax credits prior to participation in future capital raisings.
Focused on creating shareholder wealth
With significant land holdings in the world-renowned gold districts of Laverton in Western Australia and the Mt Carlton Region of North Queensland, the company’s focus is on creating and capturing shareholder wealth through efficient exploration programs and strategic acquisitions of projects that complement its existing portfolio.
Great Southern’s aim is to become a leading gold exploration company in Australia.