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Hi @tokyoman
The Junior Minerals Exploration Incentive tax credits work as a tax offset on your return. This way, no matter if you're an investor or trader, you can still benefit from the tax credits.
You'll claim the credits under other refundable tax offsets.
You don't need to repay the tax offset it gives you when you sell those shares.
You can read about what to do if you receive exploration credits on our website.
Hello, I have received JEMI credits from a ASX listed explorer. My stock trading account is a corporate account - PTY LTD coy. On the ATO site it explains that I do not get any immediate tax benefits and that the amount received is just added to my corporate account's franking account . Here is what is says:
Corporate tax entity
If you are an Australian resident taxpayer for the whole of the income year, you can recognise amounts of exploration credits received as a franking credit in your franking account and distribute these to your shareholders. You are not entitled to refundable tax offsets for exploration credits you receive.
Can you clarify that the benefits is NOT a refundable tax offset but just a franking credit ?
Hi @tokyoman,
Thank you for bringing this to our attention. Our original response is relevant if you were an individual sole trader. As you've advised you're a PTY LTD company, the information you have located on our website is correct.
Corporate tax entity - If you are an Australian resident taxpayer for the whole of the income year, you can recognise amounts of exploration credits received as a franking credit in your franking account and distribute these to your shareholders. You are not entitled to refundable tax offsets for exploration credits you receive.
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