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Metals Australia (ASX:MLS) successful in $180K JMEI scheme application
  • Metals Australia's (MLS) application for the Australia Federal Government's Junior Minerals Exploration Incentive (JMEI) scheme has been successful
  • This means that the company can distribute $180,000 in tax credits to eligible investors for FY21
  • The JMEI scheme encourages investment in small exploration companies that undertake greenfields exploration (exploration in unknown areas) in Australia
  • It allows companies to generate tax credits by choosing to give up a portion of losses from expenditure
  • These credits can then be distributed to investors who purchase shares during a certain timeframe
  • Metals Australia is steady on the market today and shares are trading for 0.2 cents each

Metals Australia's (MLS) application for the Australia Federal Government's Junior Minerals Exploration Incentive (JMEI) scheme has been successful.

This means that the company can distribute $180,000 in tax credits to eligible investors for FY21.

Eligible investors must be Australian resident shareholders who participated in capital raises between July 9, 2020, and June 30, 2021.

The exact amount will be determined after June 30, 2021, and the credits will be issued after Metals Australia lodges its income tax for the end of FY21.

Shareholders will be notified once the company has lodged its tax return.

The JMEI scheme encourages investment in small exploration companies that undertake greenfields exploration (exploration in unknown areas) in Australia.

It allows companies to generate tax credits by choosing to give up a portion of losses from expenditure.

These credits can then be distributed to investors who purchase shares during a certain timeframe.

This is allocated on a first-come, first-served basis until the limit is reached, which for FY21 sits at $35 million.

Metals Australia is steady on the market today and shares are trading for 0.2 cents each at 1:20 pm AEST.


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