Argent Minerals Limited has disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability is in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry have found relate to ineligible activities.
The report notes that:
The above is a timely reminder that R&D Claims must be compiled and assessed with care, and that claimants should consider guidance material published by AusIndustry and the ATO on R&D Tax Compliance.