Wave energy developer Carnegie Wave Energy Limited announced the receipt of a Research and Development Tax Incentive cash rebate from the Australian Tax Office of $2.26 million.
The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake research and development in Australia. During the year ended 30 June 2013 Carnegie incurred eligible R&D expenditure from which the tax rebate was calculated. The rebate received for the year ended 30 June 2013 of $2.26 million represents an increase from the previous year of $1.17 million. Based on current expenditure forecasts Carnegie estimates the financial year ended 30 June 2014 has the potential to deliver a cash rebate of approximately $4 million.
Carnegie is currently in discussions with prospective investors for new funding options to bridge all or part of the expected future tax cash rebate which, if successfully concluded, the funds received will allow Carnegie to accelerate the development of the next generation of CETO and Carnegie’s project pipeline.
Press Release, October 23, 2013