"During the quarter Kibaran received an advanced finding under the Industry Research and Development Act from the Department of Industry, Innovation and Science. The finding means that the Company will be able to claim a 45% refundable tax offset for eligible expenditure ... The R&D claimable expenditure is for the period of 2012, 2013 and 2014 is in excess of $1.75 million."
"If the offset is a refundable tax offset, the normal income tax rules for refundable tax offsets apply. These include the priority rules about how tax offsets must be applied against the basic income tax your entity is liable to pay. A refundable tax offset is applied after all other tax offsets, except tax offsets that arise from paying franking deficit tax.
If there is an excess of tax offsets, your entity may be entitled to a refund, subject to the rules on how we must apply credits, including refunds, to running balance accounts or against a particular tax debt."
Will Kibaran be entitled to a refund of $1.75 million at its next tax return?
