Published on 18 Sep 12
by VICTORIAN DIVISION, THE TAX INSTITUTE
This paper looks at the tax implications for your clients who are junior explorers. The paper provides an overview of general considerations together with an in-depth look at the issues facing such companies as they expand overseas.
The paper covers:
- Part I: General considerations
- deductibility of exploration costs
- impact of capital raisings
- employment tax issues (shares and options issued to employees and directors)
- implications of farm-ins and farm-outs
- Part II: Offshore expansion
- structuring offshore exploration activity
- deductibility of head office costs
- treatment of funding offshore activities
- Part III: Resource Taxes
- overview of the MRRT and PRRT regimes
- implications for junior explorers.
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