Moho Resources Limited (ASX: MOH) has received an Australian Taxation Office (ATO) Junior Minerals Exploration Incentive (JMEI) participants payment in respect of the financial year ending 30 June 2022.
In accordance with section 418-101 of the income Tax Assessment Act 1997 (ITAA 1997), the Commissioner has made a determination to allocate up to $750,000 of exploration credits to the company.
The JMEI scheme encourages investment in exploration companies that carry out greenfields mineral exploration in Australia, by allowing these companies to give up a portion of their tax losses for potential distribution to eligible investors.
The credits are distributed to eligible investors in proportion to their exploration investment, subject to an individual’s personal tax situation, with investors urged to seek independent advice on their eligibility to utilise such tax credits from investments undertaken.
The company acknowledge the continued support of the Australian Government in making the JMEI credit available to the company for a second year in a row.