Junior Mineral Exploration Incentive Scheme (JMEI)

No doubt Chalice shareholders, who participated in the issue of new shares in January 2021, would have been delighted to receive their very unexpected entitlement statement dated 22 April, 2022 for Junior Mineral Exploration Incentive Scheme (JMEI) credits for the income tax year ended 30 June, 2021. Unfortunately most shareholders have received this statement some considerable time after having lodged their tax return for the year ended 30 June, 2021. So to receive the amount of the credit due to them, it is my understanding, it will be necessary for those shareholders to lodge an amended tax return. Unfortunately for shareholders with a small holding the cost of engaging an accountant to prepare and lodge the amended return will exceed the value of the credit due to them. Then, of course, there are Self-managed Superannuation Funds (SMSFs) which participated in the issue of new shares. They have also received entitlement statements for their JMEI - they will also will need to lodge an amended tax return. SMSF's need to be signed off by an auditor before being lodged so it begs the question - does the amendment of a SMSF tax return trigger a requirement to have the financials signed off again by the auditor? If that is the case the fund would have to pay a professional fee to both the accountant and the auditor. And there is another matter for trustees of SMSFs to be aware of and that is the requirement to pay the mandatory minimum age-based pension to members who are in pension mode. For the current financial year that minimum pension is a percentage of the members balance in the fund as at 30 June, 2021. The amendment of the financials for the year ended 30 June 2021 will result in an increase in the member's balance and also the minimum amount of the pension which would otherwise need to be paid to the member.
The above is not financial advice, investment advice or any other type of advice at all. It is merely put forward in the hope that it will start some discussion and be helpful to, not only myself but, other CHN shareholders as well