Geodynamics receives $8.5 million R&D tax refund
Australian Geodynamics Limited (ASX: GDY) has received a R&D Tax Incentive refund of AU$8.5 million, under the Federal Government’s R&D Tax Incentive Scheme.
Australian Geodynamics Limited (ASX: GDY) announced this morning that it has received a R&D Tax Incentive refund of Au$8.5 million (around US$7.5 million), under the Federal Government’s R&D Tax Incentive Scheme.
Under the scheme, companies with a turnover of less than $20 million are entitled to a cash refund of 45 cents per dollar spent on eligible research and development in Australia. The Company’s claim relates to the costs of research and development conducted on the Cooper Basin Enhanced Geothermal Systems Project for the 2012/2013 financial year.
Managing Director and CEO Geoff Ward said “The 2012/2013 financial year was a significant year for the Company, realising the long held goal of commissioning the 1 MWe Habanero Pilot Plant. This achievement was an important demonstration of EGS technology for Australia and globally. We acknowledge the Government’s support throughout our R&D activities in the Cooper Basin and look forward to continuing our engagement with them, as we explore future development options for our resource in the Cooper Basin.”
Source: Geodynamics release (pdf)