Home » News » Hazer Group Ltd Reports approval of $9.45M FY22 R&D Tax Offset in FY22

Hazer Group Ltd Reports approval of $9.45M FY22 R&D Tax Offset in FY22

April 24th, 2023

Perth based Hazer Group Limited is a pioneering ASX-listed technology development company undertaking the commercialisation of the HAZER® Process, a low-emission hydrogen and graphite production process. The company’s process enables the effective conversion of natural gas and similar feedstocks, into hydrogen and high quality graphite, using iron ore as a process catalyst.

In April 2023 the company announced to the ASX that there was an approval of its R&D Tax Offset refund of $9.45M for the FY22 period following engagement with the ATO.

The company’s prior ASX announcements over recent months noted that the company had been engaging closely with the ATO on the R&D Tax Offset refund for the FY22 period. Large refundable R&D Tax Offsets can often be subject to ATO integrity reviews (where refunds are retained by the ATO under section 8AAZLGA of the TAA 1953) prior to release of the R&D Offsets while the ATO verify claims, and such a process may or may not have occurred in this instance.

Hazer Group Limited’s R&D Tax Offset refund of $9.45M (indicating R&D Expenditure of approximately $20M for the period) is one of the largest refunds for a non-biotech company that has been reported under the R&D Tax Incentive in recent years.

Please get in touch with our office if you would like to speak to someone about a potential  R&D claim, or check out our website for more information.

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