Clean TeQ Holdings Limited advised it has received a cash payment of approximately A$4.8 million from the Australian Tax Office (ATO), representing the refundable tax offset available under the Research and Development (R&D) Tax Incentive for FY17.
Clean TeQ’s R&D activities during FY17 included valuable work to further advance the Company’s proprietary Clean iX® continuous ion exchange technology platform. These efforts have generated significant benefits for the development of the Clean TeQ Sunrise Nickel/Cobalt/Scandium Project, as well as several important projects currently being commercialized within Clean TeQ Water.
Clean TeQ’s Chief Executive Officer, Sam Riggall, commented, “Clean TeQ places a high priority on the ongoing development of our proprietary technologies, while we simultaneously look ahead to new breakthroughs in our key areas of competency; minerals processing and water purification. The R&D Tax Incentive is a critical enabler of fostering innovation in Australia and we value the Commonwealth Government’s continued support for this important initiative.”
The R&D Tax Incentive program is designed to provide targeted R&D rebates and tax offsets to encourage more companies to engage in R&D. The R&D tax incentive aims to boost competitiveness and improve productivity across the Australian economy by:
- encouraging industry to conduct R&D that may not otherwise have been conducted
- improving the incentive for smaller firms to undertake R&D
- providing business with more predictable, less complex support
The ATO jointly administers the R&D tax incentive with the Department of Industry, Innovation and Science (on behalf of Innovation and Science Australia).
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