News and Announcements
Carnegie Wave Energy Receive $3.9 Research and Development Tax Refund
- Published January 29, 2015 11:54AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
ASX Announcement, Thursday 29th January
$3.9m Research and Development Tax Refund
Wave energy developer Carnegie Wave Energy Ltd (ASX: CWE) is pleased to announce the receipt of a Research and Development Tax Incentive cash rebate from the Australian Tax Office of $3.9 million.
The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake Australian research and development. During the year ended 30 June 2014 Carnegie incurred eligible R&D expenditure from which the tax rebate was calculated. The net rebate that Carnegie recieved for the year ended 30 June 2014 of $3.9 million represents an increase over the previous year of $1.6 million.
Based on current forecasts Carnegie estimates the financial year ended 30 June 2015 will likely deliver a cash rebate of between $8 and $10 million.
To read the full document, please click below.
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