The amounts that the ATO is querying from each refund are below:
2015/16 - $963,000
2016/17 - $1,086,000
Total amount in question is a whopping $2,049,000
KNL estimated cash balance at the end of the 3rd Quarter (2 days ago) is $2,054,000
If the ATO finds Kibaran or its tax agent has incorrectly claimed R&D refunds and recalls some or all of the money, the company will find itself in a very challenging situation.
KNL Price at posting:
21.0¢ Sentiment: None Disclosure: Not Held
