In the 2024\u201325 Budget, the Australian Government announced its\u00a0Future Made in Australia<\/a> package. This package supports Australia’s transition to a net zero economy.<\/p>\n\n\n\n The Future Made in Australia<\/em> package includes support for investment in critical minerals processing in Australia through the Critical Minerals Production Tax Incentive (CMPTI). This measure is now law.<\/p>\n\n\n\n The CMPTI provides eligible recipients with a refundable tax offset of 10 per cent of the eligible costs of processing certain critical minerals in Australia. The offset will be available between 1 July 2027 and 30 June 2040, for a maximum of 10 years.<\/p>\n\n\n\n The Department of Industry, Science and Resources (DISR) and the ATO jointly administer the CMPTI:<\/p>\n\n\n\n You are eligible for the CMPTI tax offset in an income year if you:<\/p>\n\n\n\n Your company must be an Australian tax resident, or a foreign resident carrying on the processing activity via a permanent establishment in Australia, and it has an ABN, for the income year.<\/p>\n\n\n\n Your company will also have to comply with any rules implementing the community benefit principles for the CMPTI made by the Treasurer.<\/p>\n\n\n\n For the purposes of the CMPTI tax offset, a critical mineral is a thing included in the list specified in the legislation or prescribed in the regulations.<\/p>\n\n\n\n There are 31\u00a0critical minerals listed in the legislation. See the\u00a0Australia\u2019s Critical Minerals List<\/a>\u00a0on the DISR website.<\/p>\n\n\n\n CMPTI processing activities are processing activities carried on at one or more facilities in Australia that:<\/p>\n\n\n\n Certain activities, such as mining, beneficiation and manufacturing are excluded from being CMPTI processing activities.<\/p>\n\n\n\n You must register your company’s processing activities for the relevant income year.<\/p>\n\n\n\n You self-assess your company’s CMPTI tax offset amount and claim in the company tax return for the income year.<\/p>\n\n\n\n For an activity to become a registered CMPTI processing activity, the company must apply to the Industry Secretary (DISR), in the approved form, to register the relevant activities. DISR will provide information on the\u00a0registration process<\/a>\u00a0as it becomes available.<\/p>\n\n\n\n Your application must identify the:<\/p>\n\n\n\n You may register a processing activity for up to 10 years. There are annual requirements to maintain the registration.<\/p>\n\n\n\n The amount of the CMPTI tax offset for an income year is 10 per cent of the company’s CMPTI expenditure.<\/p>\n\n\n\n CMPTI expenditure is expenditure incurred by the company during an income year in carrying on one or more of its registered CMPTI processing activities and is not excluded expenditure.<\/p>\n\n\n\n Excluded expenditure includes:<\/p>\n\n\n\n Note: amounts of expenditure up to the 10 per cent cap for intellectual property may be included to the extent that it is CMPTI expenditure.<\/p>\n\n\n\n You can claim the CMPTI tax offset for income years that:<\/p>\n\n\n\n About the incentive In the 2024\u201325 Budget, the Australian Government announced its\u00a0Future Made in Australia package. Thi […]<\/p>\n","protected":false},"author":2,"featured_media":3861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,61],"tags":[63,64],"class_list":["post-3860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-solutions","category-english-post","tag-ato","tag-tax"],"_links":{"self":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/comments?post=3860"}],"version-history":[{"count":1,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3860\/revisions"}],"predecessor-version":[{"id":3862,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3860\/revisions\/3862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media\/3861"}],"wp:attachment":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media?parent=3860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/categories?post=3860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/tags?post=3860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Administration<\/h3>\n\n\n\n
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<\/a>Eligibility<\/h2>\n\n\n\n
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Critical minerals list<\/h3>\n\n\n\n
<\/a>CMPTI processing activities<\/h2>\n\n\n\n
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<\/a>How to claim<\/h2>\n\n\n\n
Registered processing activity<\/h3>\n\n\n\n
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<\/a>What you can claim<\/h2>\n\n\n\n
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<\/a>When to claim<\/h2>\n\n\n\n
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