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 $3.9 million.
The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake Australian research and development.
During the year ended 30 June 2014 Carnegie incurred eligible R&D expenditure from which the tax rebate was calculated.
The net rebate that Carnegie received for the year ended 30 June 2014 of $3.9 million represents an increase over the previous year of $1.6 million. Based on current forecasts Carnegie estimates the financial year ended 30 June 2015 will likely deliver a cash rebate of between $8 and 10 million.