Photo: Carnegie’s CETO 6 wave energy technology concept (Courtesy of Carnegie Clean Energy)

Carnegie rolls in refund cash

Carnegie Clean Energy has received a Research and Development Tax Incentive cash rebate from the Australian Tax Office of over Au$660,000 (€410,000).

Carnegie’s CETO 6 wave energy technology concept (Courtesy of Carnegie Clean Energy)
Carnegie’s CETO 6 wave energy technology concept (Courtesy of Carnegie Clean Energy)

The current available cash position of the company is approximately Au$3.4 million (€2.1 million), according to Carnegie Clean Energy.

The Research and Development Tax Incentive provides a tax rebate to support Australian companies undertaking research and development.

During the year ended 30 June 2019, Carnegie incurred eligible research and development expenditure from which the tax rebate was calculated.

Carnegie has also begun preparing its application for the Research and Development Tax Incentive based on the eligible research and development expenditure for the year ended 30 June 2020.

This R&D Tax refund is anticipated to be received in early 2021, Carnegie Clean Energy said.