Converts Lind Debt into Equity Australian heavy rare earths producer, Northern Minerals Limited, has issued 66,666,667 shares to a nominee of Lind Global Macro Fund, by converting $1.2 million worth of convertible security into ordinary shares. Resulting from this conversion, there are no amounts outstanding under the replacement convertible security. In accordance with the terms of the funding agreement entered into with Lind in March 2020, Lind has elected to reduce the collateral shareholding from 60,000,000 shares to zero, by […]
Argent Minerals Limited has previously disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability was in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry had found related to ineligible activities. Argent Minerals Limited had, at the time reported that the company remained of the view that its R&D activities were eligible, and intended to pursue a dispute of the adverse finding. In May 2020, the company […]
As had been anticipated, the ATO will be requiring adjustments to R&D claims that contain salaries reimbursed by the JobKeeper Scheme. Companies lodging FY20 R&D claims who have also received the JobKeeper stimulus must carefully review and adjust R&D claims where necessary. The basis of this need for adjustment is the ATO’s position that companies are not deemed to incur salary expenditure at their own financial risk where such costs are being reimbursed by the Job Keeper Scheme. Draft Taxation […]
Melbourne-based Telix Pharmaceuticals Ltd has reported during the week receipt of an $11.4M Refundable R&D Tax Offset in respect of activity conducted during the YE 31 December 2019. This would be one of the largest single-year Refundable offset receipts in the history of the R&D Tax Incentive and infers an R&D Expenditure of approximately $26M AUD. The underlying activity relates to the development of diagnostic and therapeutic products using molecularly targeted radiation. Receipt of a tax offset of this magnitude […]