Northern Minerals Ltd
Northern Minerals Ltd (ASX:NTU) is listed on the Australian Securities Exchange.
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Northern Minerals welcomes reversal of decision on R&D tax claims
Northern Minerals Ltd (ASX:NTU) will have its research and development (R&D) tax offset claims for FY17 and FY 18 reviewed by the Australian Taxation Office (ATO) after an AusIndustry review found the claims are eligible.
The company has received formal notification from the Department of Industry Innovation and Science (AusIndustry) that it has reversed its initial non-eligible finding in relation to the claims.
Reversal of this finding means that most of NTU's registered activities are in fact eligible for the R&D incentive.
The company has agreed to exclude from the claim some minor supporting activities that were part of the previous claims.
"Pleased but not surprised"
Managing director and CEO George Bauk said: "We are pleased but not surprised by the AusIndustry review findings.
"The company and its advisors worked diligently and submitted claims in respect to the R&D tax offset in line with the assessment criteria provided."
AusIndustry will provide a copy of the notice to the ATO, which is bound by the findings and is expected to reconsider certain aspects of their initial finding before confirming the quantum of the final refundable R&D tax offset.
Other Northern Minerals Ltd news
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2020-04-07 - Northern Minerals secures $2.5 million in funding via convertible note
2020-03-02 - Northern Minerals wants new pricing model for dysprosium to support demand from the US military
2020-02-25 - Northern Minerals receives further $200,000 in subscription funds as part of $30 million placement
2020-01-14 - Northern Minerals to focus 2020 exploration on high-grade Browns Range unconformity targets
2019-11-18
