The Australian Taxation Office (ATO) has accepted the application of Australian explorer, King River Resources Limited (ASX: KRR) to participate in the JMEI scheme for the 2020/2021 tax year. The JMEI scheme by the Federal Government encourages investment in small minerals exploration companies, carrying out greenfields mineral exploration in Australia.
KRR has received tax credits of up to $975,000, which can be distributed to eligible shareholders.
Eligible investors must be Australian resident shareholders applying for and are issued new shares in the Company’s capital raising activities between 1 July 2020 and 30 June 2021. All eligible investors will receive JMEI credits on a pro-rata basis.
Eligible shareholders that participate in the Security Purchase Plan and placement investors will be entitled to participate in the JMEI tax credits for the 2020/2021 tax year.
These JMEI credits apply to the income tax assessment of receiving shareholders, for the year ended 30 June 2021.
KRR stock was trading at $0.034, up by 3.03% on 17 July 2020, as at AEST 12:43 PM.
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