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The Exploration Development Incentive is effectively a tax offset that was proposed by the Coalition Government prior to it winning the last Federal Election; it's obviously won that election now and we're hoping that it will come in; proposed start date is 1 July 2014. It effectively allows an investor in a small exploration mining company to obtain a tax offset against that investor's otherwise taxable income for its investment in that small exploration company. A few other points to note as I said proposed start date 1 July 2014. Secondly it's only investments in small exploration companies that are going to qualify and at this stage we don't exactly know what a small exploration company is but no doubt we'll find that out in due course. Thirdly there's an overall industry cap of $100 million worth of benefits, so the Government will undoubtedly scrutinise each and every claim once the $100 million is reached that will be the end of the incentive.
And Justin how will this affect the resources industry?
Well I think the first think to note is that this incentive is aimed fairly and squarely at the investor, in the investment company rather than giving the benefit to the exploration company itself. So it's the investor that will get a tax offset against its otherwise taxable income for its investment in that exploration company. Now what would ordinarily happen is that the exploration company would claim a tax deduction for its exploration expenditure and it would only get an off set of that tax deduction once it starts to arrive in the assessable income that is once it's in production. Here though it’s a very immediate tax offset being provided to the investor. The other good thing about it is that at the moment it's very difficult for small mining companies to go to the market to raise capital, so this is really attractive from an investor's perspective to come in and bolster up by way of capital injection into small exploration companies immediately and with a start date of 1 July 2014 that's just around the corner.
Thanks for joining us.