ARTICLE · 28 SEPTEMBER 2013

A shot in the arm for junior miners: exploration development incentives

HopgoodGanim

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The Coalition previously announced that it would introduce an exploration development incentive if it won Government.

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Before winning office in the Federal Election, the Coalition announced that it would introduce an exploration development incentive if it won Government. Now that the election is over and the Coalition has won government, thoughts are turning to when the incentive will be introduced and how it will work.

From the very limited details contained in the announcement, it appears to be the case that:

The incentive will apply from 1 July 2014.
Only "small" exploration companies with no taxable income will be eligible. It remains to be seen how "small" will be defined.
There is an overall cap of $100m worth of benefits to be provided by the Government. Presumably therefore each claim will be monitored by the Government and once the industry has claimed the cap, no more benefits will be claimable. It certainly suggests that it will be a case of first in, best dressed.

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