Note: EDI has finalised and is no longer accepting new participation forms, it has been replaced with the Junior Minerals Exploration Incentive.
Eligible exploration companies can create exploration credits if you are disclosing entities under section 111AC of the Corporations Act 2001 that:
- have incurred greenfields minerals expenditure in the previous income year
- have not carried on any mining operations for the extraction of minerals in the previous two income years or, are not connected with, or an affiliate of, an entity that has carried on any mining operations for the previous two income years
- have notified us of your estimated greenfields minerals expenditure and estimated tax loss for the previous income year by 30 September of the financial year in which you intend to create exploration credits.
Eligibility is determined each year, after the relevant exploration has taken place. It is determined by taking into account the activities of the group.
Entities with a Substituted Accounting Period (SAP) who meet the eligibility criteria can participate in the EDI, but you must use existing notification of participation timeframes, tax-time, and EDI forms. This means you may have to estimate greenfields minerals expenditure you expect to incur during the remainder of the income year.
Explains the type of exploration companies that are eligible for the Exploration Development Incentive (EDI).