Kalium Lakes Limited (KLL) has announced that the company’s 2018 - 2019 R&D tax incentive claim has been completed. Under the self-assessment program, KLL has registered eligible Australian R&D activities for the Beyondie Sulphate of Potash Project (BSOPP).
The company is also eligible to claim R&D tax offsets for overseas R&D expenditure, on R&D activities described in the approved overseas findings application, from the beginning of the 2015 - 2016 income year until completion, which occurred during the 2018 - 2019 period.
KLL has received a total of AUS$1 387 425 in R&D tax offsets for the 2018 - 2019 income year for both Australian and approved overseas R&D activities in relation to the BSOPP.
Managing Director, Brett Hazelden, commented: “Accessing the R&D Tax Incentive program is an important factor which has supported the Company in developing the technology during the past four years and enabled it to now proceed into the execution phase for commercial operations.
“Without Federal Government support provided through the R&D Incentive Program a project like the BSOPP, which is the first of its kind in Australia, would struggle to gain momentum.
“Kalium Lakes is extremely grateful for the funds received via the R&D Incentive Program in both the current and previous financial periods. These funds have made a vital contribution, culminating in the Company announcing a Final Investment Decision on 3 October 2019 and full scale construction activities commencing at the BSOPP.
“At a time when all of this product is imported into this country, we remain absolutely focussed on becoming the first potash producing project in Australia,” he said.
Read the article online at: https://www.globalminingreview.com/finance-business/24102019/rd-tax-offsets-for-kalium-lakes-potash-project/