- Exploration company Twenty Seven Co (TSC) has been accepted into the junior minerals exploration incentive (JMEI) scheme for a second year
- Under the JMEI scheme, eligible shareholders who are issued exploration credits are entitled to refundable tax offsets or franking credits
- Over $1 million in credits were secured by Twenty Seven for the 2021 financial year
- Only shareholders who acquire shares in the company between July `1, 2020, and June 30, 2021 are eligible for the credits
- Shares in the junior explorer are trading steady at 0.5 cents per share
Exploration company Twenty Seven Co (TSC) has again been accepted into the Australian Government’s junior minerals exploration incentive (JMEI) scheme.
Under the JMEI scheme, eligible shareholders who are issued exploration credits are entitled to refundable tax offsets or franking credits.
Twenty Seven, who recently discovered a new prospect at its Rover project, successfully applied for over $1 million worth of credits for the 2021 financial year.
It’s also the second year the junior explorer has been accepted into the scheme, which is run by the Federal Government and encourages investments in greenfields mineral exploration.
In order to qualify for the JMEI scheme this year, shareholders must be Australian residents and acquire new shares in Twenty Seven Co between July 1, 2020, and June 30, 2021.
While the credit issued to an investor is limited to the amount paid to acquire the new shares multiplied by the corporate tax rate.
The credits also apply to income tax assessments by the Australian Tax Office.
News of Twenty Seven’s acceptance into the JMEI scheme initially buoyed the company’s share price on the ASX.
Shares were trading for 0.5 cents per share at the start of today, spiking to 0.6 cents each, before returning back to the opening price.
Twenty Seven’s shares closed steady today, July 10, at 0.5 cents each.